It’s not the most optimistic way to start a new year but JPG Magazine sent out word that the publication will fold next week.

In a post on the magazine’s blog, Editor in Chief Laura Brunow Miner outlines the fall of the crowd-sourced venture that was originally founded by Technorati and BitTorrent alum, and backed by CNET’s Halsey Minor.

The innovative photography magazine took photo submissions from around the globe, allowed an online community to choose the best of the best, and then published an actual print edition based on those results. JPG’s parent company, 8020 Publishing, Inc, will also be closing its doors.