Social music site Turntable.fm announced its $7 million funding round earlier this week, so how to spend it? Ah, licensing negotiations. CEO Billy Chasen tells Bloomberg that the company is in discussions with all four major labels for licences that go beyond its US-only deals with ASCAP and BMI. “Both sides are super eager to get this done, and we’re getting closer. We take very seriously the music labels and publishers, and we want to make sure they’re with us.” Why seek licences? Turntable.fm wants to relaunch its service outside the US. “We want to grow internationally. Part of that is talking with all the labels and getting deals and licences in place.” Bloomberg suggests that Turntable.fm wants to create ‘a type of licensing agreement that hasn’t been done before’. Leave your cynical ‘one that doesn’t bankrupt it?’ remarks at the door, please. Source: Bloomberg
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