Former eMusic boss David Pakman – now working at VC firm Venrock Associates – says investors and entrepreneurs are deserting the digital music sector in favour of making Facebook and Twitter services. “There are not a lot of entrepreneurs involved in this space,” he told the Fortune Brainstorm: Tech conference. “Investors lost a lot of money in this space… What the music industry never encouraged or even allowed was building an ecosystem around its product.” Pakman estimates that of the 109 VC-backed digital music startups, less than five delivered a substantial return.

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