Amiestreet, where every song starts off free, just closed a Series A financing round led by Amazon.com. The amount of Amazon's investment hasn't been disclosed, but it's an interesting development in the online music arena.
Prices at Amiestreet are determined by demand, increasing to a maximum of USD 0.98 per song depending on how many people download it. The more popular a song, the faster its price will increase to 98 cents. Besides giving early buyers a better deal, the market price system gives consumers the added pleasure of seeing they've discovered a song or artist before everyone else has.(See our earlier article on Amiestreet for more.)
As explained by AmieStreet.com's co-founder and CEO Elliott Breece: "AmieStreet.com grew from the idea that we needed to make buying music social and fun. The Amie Street community took over from there, driving a shift toward a music marketplace where consumers decide what is popular and what music is worth. We're thrilled to have Amazon.com's support in empowering music consumers."
Website: www.amiestreet.com
Contact: hollerback@amiestreet.com
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sanju | March 29, 2008 2:35 AM