Music Service PSonar Closes Successful Funding Round on SyndicateRoom

PSonarPSonar closed fully crowdfunded on SyndicateRoom having raised just over £200,000 representing 9.16% equity in the small company.  The “pay as you play” service is looking to compete with other well known music streaming services such as Spotify, Deezer and Rdio.  A cloud based service, PSonar has a different model where users pay $0.01 / £0.01 / €0.01 per play. Psonar is currently available through iPhone, Android and Blackberry 10 apps, as well as an HTML5 web player. The platform is already live in the United Kingdom and Ireland, with 1,400,000+ tracks (390,000 tracks from Universal Music and 1,000,000 from independent labels).

The majority of the funding (75%) came from professional investors.  The balance of the offer was funded by retail investors with amounts as small as £500.

Gonçalo de VasconcelosGonçalo de Vasconcelos, founder and CEO, SyndicateRoom, commented;

“Psonar has certainly been a hit with our crowd! Their unique blend of music streaming and the pay-as-you-play model lowers the barrier to entry for music lovers who don’t fancy shelling out on hefty subscription models. There’s a huge audience of digital natives out there who’ve grown up with streaming, but expect to only pay for what they want, when they want it.  For this audience, traditional models of ownership – e.g. buying tracks from the Apple Store – doesn’t cut it any more.”

All startups listed on the SyndicateRoom equity platform have backing from experienced angel investors.  Their model allows retail investors to participate in offerings which have already been reviewed and, as the platform states, “have negotiated favorable investment terms.”

 

 

 

 

 


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