US music-streaming firm Cür Media has a new boss: Jim Urie, the former president of Universal Music Group Distribution.
Urie is replacing founder Tom Brophy, although the latter will remain a director of the company, which soft-launched its Cür Music service earlier this year in the US.
“There is a tremendous opportunity to break new ground in the music streaming space, and I believe the Cür Music offering is poised to do just that,” said Urie in a statement.
The company has $1.99 and $4.99 subscription tiers for its personal-radio service, with plans for a $9.99 full on-demand option.
However, Urie joins as Cür Media faces daunting financial challenges: it has to find $7.5m to pay its promised advances to music rightsholders by 15 June.
Cür Media also recorded net losses of $6.2m in 2014 and $8.5m in 2015 in its pre-revenue state, ending 2015 with $14.3k of current assets and $4.3m of current liabilities.
The company is trying to raise $15m more funding to cover its advances, marketing, product development and general running costs, having agreed to pay major labels and publishers minimum guarantees of $14m in its first year, $25.5m in its second year and $18.5m in its third year.