British digital music startup MusicQubed is looking to raise another £20m in investment as it prepares to expand its business to the US and Latin America. That’s according to the Financial Times, which notes that the funding would come on top of £10m raised at the end of 2013, with MusicQubed’s investors including all three major labels. The company has focused on launching subscription-based music download apps with partners – initially Samsung in the UK, followed by telco O2 with its O2 Tracks service. Users pay £1 a week to get the UK chart plus other popular tracks downloaded to their device every week. The FT cites “a person close to the company” as saying O2 Tracks now has 300,000 monthly active users, with around a third of them paying and the rest on time-limited trials. Separately, MusicQubed tells The Guardian that people use O2 Tracks for an average of 30 minutes a day, that 60% of them are women, and 20% buy at least one download a month from the service.

EarPods and phone

Tools: platforms to help you reach new audiences

Tools: Kaiber

In the year or so since its launch, AI startup Kaiber has been making waves,…

Read all Tools >>

Leave a comment

Your email address will not be published. Required fields are marked *