VC firm Union Square Ventures’ partner Fred Wilson has always been open about his distaste for investing in companies that require music licences. However, it seems Turntable.fm was a tempting enough investment opportunity to change his mind. USQ is the lead company in a funding round of $7.5 million for the social music startup according to BetaBeat, valuing the company at $37.5 million. Turntable.fm’s co-founder Seth Goldstein used to be entrepreneur in residence at Wilson’s previous company Flatiron Partners, so there is already a connection. BetaBeat suggests that some music industry companies may chip into the funding round too. And those licences? Turntable.fm now has licences with ASCAP and BMI in the US, although there is no news on any progress overseas, where the service was recently blocked.
Like what you’ve read here? This is just a snippet from our subscription service.
Our subscribers get the most important digital music news and analysis delivered to them every morning and full reports every week plus access to a massive archive of data and previous reports.
For a free two week trial of Music Ally, sign up here. No strings attached – we promise!