Universal Music Confirms Buzznet Investment; Revenue Share
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Thursday, April 17, 2008; 4:06 PM
As we reported first two weeks ago, Universal Music has officially announced its investment in music social network and destination Buzznet...the size was not disclosed, but we reported a total investment of up to $25 million, which includes other investors as well. This partnership marks one of the first times that a label will be directly involved in developing editorial programming for a social media site, with both companies sharing in the revenue, the two grandly declare. Universal artists will contribute music and videos, and will also contribute as guest bloggers.
Previous investors Redpoint Ventures, Anthem Venture Partners and various angels including Jeff Clavier did not exit the startup and continue to hold stakes, this Dealblog post says. They've invested $7.5 million in two prior installments. More here.
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