Rock legend Neil Young visited the studios of Mad Money to discuss his vision for the Pono Music player with investing maven Jim Cramer. Not a single Booyah was given but there was a lot of love between the two as Cramer revealed he was an early backer on the Kickstarter crowdfunding campaign that raised over $6 million for the digital music player. Pono has since migrated to equity crowdfunding with an over-funded offer on Crowdfunder that raised even more money – faster.
Neil reveals they are sold out for 2014 but if you are interested in giving a Pono as a stocking stuffer you can sign up for a certificate signed by Young reserving a Pono player for 2015.
Young subtly criticizes the music quality available today on the ubiquitous iPhones while sharing the fact he discussed the product with Apple founder Steve Jobs prior to launching Pono as a company. Pono uses a lossless codec that generates a much richer listening experience similar to live music. This contrasts to the compressed audio widely utilized in MP3 players.
Neil reveals he is already in discussions with car manufacturers to incorporate the technology in future vehicles. He also states that “eventually the iPhone will control this”.
Neil dodges the question about staying independent when Cramer asks if a “Harmon” would acquire the young company. There has been some speculation that Pono is scaling to create a takeover opportunity for strategic acquisition.
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