Official.fm Gains $8 Million for Music DIY Social Network
Official.fm has just managed to grab themselves $8 million in funding to build the worlds most advanced do-it-yourself platform for music creators and content owners. The aim is to use the funds to help gain more traction and spread the music across to other download stores and services globally. The site also offers widgets, tools and analytics.
Long term: “We’ll launch premium accounts in the coming months, giving you access to new ways for you to live off of the music you create & control.”
There is a huge amount of competition in this space and it already seems as though Official.fm is going to have a lot of problems with copyrighted content. Already on the site I can download a huge amount of illegal content, so only going to be a matter of time before the labels sue them.
Disclosure: Im founder of RouteNote a digital music distributor based in the UK.
