Business Services Industry
TheDJ.com Completes Third Round of Financing; Leading Investors in Innovative Internet Media and Technology Ventures Provide Funding, Leadership
Business Wire, April 8, 1998
BURLINGAME, Calif.--(BUSINESS WIRE)--April 8, 1998--TheDJ.com, the premiere Internet music broadcaster, today announced its third round of financing, with support from five leading investors: Arts Alliance, a London-based venture capital firm specializing in entertainment; IDG Ventures, the venture capital arm of International Data Group, the world's leading producer of newspapers, magazines, books, conferences, and research on computers and information technology; Allen & Co. Inc., a New York-based investment bank, which has also signed on as TheDJ.com's financial advisor; Phoenix Partners, a Seattle-based high-technology venture capital firm; and Edward A. Bennett of Bennett Media Collaborative, a firm that guides and funds new media and technology companies.
Funding from these investors will be used to expand TheDJ.com's brand-awareness activities, enhance the company's web site and services, and continue building distribution through partnerships and alliances.
"TheDJ.com represents the future of music appreciation at home and at work," said Thomas Hoegh, founder of Arts Alliance. "It is clear that a combination of TheDJ.com programmed- and preference-based music selection is what listeners want. Arts Alliance firmly believes that TheDJ.com team's vision and superior technology will be the dominant combination in this field."
Founded in March 1996, TheDJ.com currently delivers more than 70 highly specialized music channels to more than 1.8 million listeners. Using proprietary technology, TheDJ.com's programming is influenced by listener feedback. Over time, TheDJ.com will be able to offer even greater music choice and customization. Listeners can also purchase music online through TheDJ.com's retailing partner.
A recent Forrester Research Inc. report titled `Music's Internet Era,' predicts that "The Internet presents a set of capabilities both as a promotional medium and as a sales channel that will reset the music marketplace." The report cites that Internet-based communities will come together to drive demand and credits companies including TheDJ.com for offering "a virtually endless variety" and "defining Internet-based radio as multiformat music streams representing hundreds of niche genres."
"TheDJ.com broke new ground when it launched two years ago and it has maintained phenomenal momentum since," said Dave Samuel, TheDJ.com's founder, CEO and chairman. "Financial support and guidance from these investors will allow us to move to the next step in delivery of services and expansion of marketing programs and partnerships."
TheDJ.com has named Patrick Kenealy of IDG Ventures and Edward A. Bennett as members of its board of directors. Kenealy is the managing general partner of IDG Ventures and previously spent a dozen years managing IDG media companies, most recently as CEO of PC World Communications.
Bennett recently has been engaged by Bandai, the largest toy and entertainment company in Japan, to become CEO of MY-CD, a new company that will offer custom music compilations on CDs via the web. Bennett is also a board member of SoftNet Systems Inc., a company that offers cable operators high-speed broadband Internet access and content to their customers. Previously Bennett served as president and CEO of Prodigy Services and VH1, MTV Network's 24-hour music network.
"We look forward to working with our new board members, Patrick Kenealy and Edward A. Bennett," said Josh Felser, TheDJ.com's president. "Both are experienced leaders in music and communications ventures and they have an in depth understanding of the dynamics of our business."
"TheDJ.com collects real-time song feedback from its listeners and uses its proprietary technology to deliver more targeted and compelling music," said Patrick Kenealy. "This kind of simultaneous broad choice and customization are what the web is all about, and how TheDJ.com is using this new medium to redefine music listening."
"TheDJ.com has taken the lead in Internet music broadcasting, an area of new media that has tremendous potential in terms of innovation and growth," said Edward Bennett. "I look forward to working with TheDJ.com as it gains even more momentum and maximizes its potential."
TheDJ.com is the premier Internet-exclusive music broadcaster, delivering 70 highly segmented music channels, such as Awesome80s, Modern Rock, Classical, Jazz/Bop and Funk to more than 1.5 million listeners.
Based in Burlingame Calif., TheDJ.com harnesses the power the Internet and other technologies to bring entertainment to a new level, displaying song information as music is played and providing dynamic links that enable online purchasing and real-time listener feedback. The strength of these features have fostered partnerships with industry leaders such as RealNetworks, CDnow, The @Home Network and Creative Labs as well as more than 100 record labels.
CONTACT: TheDJ.com
Nancy Morrison, 408/429-5024
Amy Bonetti, 415/837-1900
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