The craziest of new social media music sites Turntable.FM is back with more cash, this time courtesy of Union Square Ventures. The sum is still up in the air, but it appears the it's in the range of $7 million. Cash seems to be flowing to Turntable.FM as fast as users, with news of the money surfacing back in July. Now Peter Kafka at AllThingsD has said that he's got it good from sources that this story is true.
Turntable.FM has approached 300,000 users and is an invite-only service, and is one of the hottest music properties of the moment. It requires a special invite or a Facebook friend opting you in to get inside, and the exclusivity only seems to have driven the buzz around Turntable.FM through the roof. The site has also secured ASCAP and BMI rights, giving it a rare set of bona-fides in today's digital music world.
So how long before the Turntable.FM mobile app hits the web? Their Twitter says that they're working on it, with a clue revealed by saying that they're working on iOS development, meaning iPad and iPhone. Investor Charlie O'Donnell got on Twitter back in July and dropped hints that he'd love to see a Turntable.FM mobile app, saying "If Turntable.fm asked me to pay a subscription to take it mobile... I'd do it in a heartbeat."
Not that Turntable.FM doesn't have its work cut out for it. Elliot Van Buskirk at Evolver.FM points out that there's a new Turntable.FM clone out already with the name Rolling.FM. It appears to have already signed up 5,887 based on its Facebook count. He's calling it a Turntable.FM knock-off, and it was created by an ex-senior software engineer at Google named Tim Zhou.
Check out more about steaming music sites in the Spacelab Streaming Music Guide.