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Digital
Turntable.fm raising finance
By CMU Editorial | Published on Monday 11 July 2011
Various equity types plus, some reports suggest, Sony, AOL and Facebook, are all clamouring to invest in Turntable.fm, the latest US-based music-sharing social media whatnot. Business Insider reported last week that the start-up had raised $7.5 million in finance, valuing the company at $37.5 million, though co-founder Seth Goldstein told TechCrunch on Thursday that a new investment push is still ongoing, and any reports of final figures were premature.
Turntable.fm, which lets users become virtual DJs and play music to other users in their virtual room, who can in turn chat back through inbuilt instant messaging, has been building quite a bit of buzz since it opened to the public in May, even though licensing restrictions forced owners to shut out any users outside America.
There has been some chatter as to the possible value of the platform for artists looking to promote or get fan feedback on new tracks, though given the tendency of people to be more negative when anonymously posting online, not all artists may want to take part, given the potential for a torrent of abuse.
Diplo tried just that last week, with mixed success, partly because he didn’t silence the ‘ping’ noise the in-built IM system makes, so that that kept sounding over his music. However, the label he owns, Mad Decent, is still previewing other new content via the website.
