7digital Raises $10 Million to Expand
Music supplier 7digital takes $10 million to do on-demand, radio
By Robert Andrews
Oct 18, 2012
From paidContent
The digital vendor that powers music services for Samsung, HTC, RIM and others is taking on investment to expand its offering from downloads to streaming, radio and more.
Veteran digital music white-label vendor 7digital has raised $10 million to add more streaming, radio and scan-and-match services, plus to further expand in North America and Europe.
CEO Ben Drury, whose nine-year-old company was half-owned by troubled entertainment retailer HMV before expanding its equity this week, told a Thursday-evening event in London that it recently tapped unnamed “strategic technology investors” for the cash.
The investors are “US and UK neutral strategic technology investors, both public companies”.
At the same time 7digital is effectively folding its own HMVDigital download site in to 7digital itself. From today, hmvdigital.com becomes a merged, 7digital-branded site. 7digital itself also rebranded today.
Veteran digital music white-label vendor 7digital has raised $10 million to add more streaming, radio and scan-and-match services, plus to further expand in North America and Europe.
CEO Ben Drury, whose nine-year-old company was half-owned by troubled entertainment retailer HMV before expanding its equity this week, told a Thursday-evening event in London that it recently tapped unnamed “strategic technology investors” for the cash.
The investors are “US and UK neutral strategic technology investors, both public companies”.
At the same time 7digital is effectively folding its own HMVDigital download site in to 7digital itself. From today, hmvdigital.com becomes a merged, 7digital-branded site. 7digital itself also rebranded today.
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