MyMusic.com launched out of beta late last week following the reception of a $1 million round of funding last May. The angel investors that gave the music aggregator funding belonged to Ottawa and Toronto and helped the Canadian start up with cash and a high caliber advisory board.
MyMusic.com is a music content aggregator that highlights news, tweets, videos, concert dates, e-commerce links that relate to musical artists. However, the unique feature that sets the site apart from others is that it lets users create their own content. Stephen Bleeker, Rob Lane and David Nicholson are the force behind the website and are working hard to make themselves the Pinterest of music. Bleeker, who also co-owns CD Warehouse and iStyle Originals, states that, “There’s this human nature desire for people to express themselves. People wear t-shirts with band names on it, and this is sort of the new digital way to do so, to leave your stamp.”
MyMusic.com has attracted a lot of attention even before it went live and already boasts half a million views per month. The site also had 35,000 unique visitors even though there was no official marketing campaign in place. Now that the site is live and has some cash to burn, it will utilize four revenue methods. It will be free to register and will not charge users so that they make their way onto the website. First, MyMusic places ads onto its content pages and charge firms for placement. Secondly, the website will partner up with large music sellers like iTunes, Amazon and concert ticket retailer and get a portion of the sale if one of their buyers purchases through MyMusic. Another method that will be used for monetization is the sponsored content on the site. Finally, the website will sell data about its users to the music industry and other interested parties.
Bleeker commented that, “Other companies are doing analytics, but it’s very much so a snapshot in time such as numbers of followers. But this is 3D, it’s understanding the whole journey. What actions and pathways end up triggering a transaction, or maybe more importantly, what actions cause people to drop off and not finish that transaction?”
MyMusic got its start in 2011 and has grown to 11 staff members that work in Ottawa and several other countries. The site expects to expand further now that it has come out of testing and is receiving the interest of the music industry.
Source: Ottawa Business Journal
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