8tracks, the crowd-curated (read not Pandora) internet radio service, has topped $30 million ($31,429,350 as of last glance) in indicated interest from potential investors on SeedInvest. Crowdfund Insider reported last month how the 8tracks registration rocketed to over $25 million immediately as fans of the platform rushed to support the young company.
Utilizing the ability to “Test the Waters” under Regulation A+, 8tracks launched a campaign to gauge investor interest and, according to the company, over 30,000 individuals have indicated their intent to purchase shares in an equity crowdfunding round once they are ready to go. 8tracks states they are in the process of completing their filing with the SEC and expect to sell stock in their company this coming June.
8tracks’ business model is predicated on the fact that about 80% of all music listening is delivered through some form of radio: traditional, satellite, or internet. As it becomes easier to tap into the internet, they believe virtually all radio listening is migrating online. That market is huge and while there are certainly other competitors there is still plenty of opportunity to go around.
“At 8tracks, our product literally comes from our community. Bringing people together over a shared love of music is in our DNA,” stated 8tracks’ CEO David Porter. “As we explored funding options, it was a logical step to ask our community of listeners and DJs to become actual owners. We’ve been thrilled and humbled by the level of response already.”
8tracks will use new funding for growth. This means going global and building upon 8tracks already substantial listener base of 16 million individuals.
Launched in 2008, 8track hired its first full time employee in 2011. Going from cottage industry to big business has taken some time but today they claim the spot as the 3rd largest digital music company around. 8tracks already has some big name investors on board including, Index Ventures and Andreessen Horowitz. If you are interested you can find more info here.
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