Yesterday I was talking about how Turntable.FM had received money from Union Square Ventures, vaguely in the range of $7 million. It turns out that out that that group involves Kanye West and Lady Gaga. Warren Buffet says invest in what you know, so I guess that's what they're doing. The confirmation came from the Business Insider, a hot bed of music news action.
"We've been told that Lady Gaga and Kanye West are investing in Turntable.fm. They're contributing to the $7.5 million Turntable financing round we announced weeks ago," reads their report
I've heard that Kanye West and Lady Gaga want to use Turntable.FM to test out new music for a collaborative album they're working on together. (kidding!)
Turntable.FM has approached 300,000 users and is an invite-only service, and is the go-to site right now for a combination of streaming music, social media and a video game-like aesthetic, all rolled into one. It requires a special invite or a Facebook friend opting you in to get inside. The site has also secured ASCAP and BMI rights, giving it a rare set of bona-fides in today's digital music world.
Evolver.FM also 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, and 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.