Turntable finally shared some details about the $7 million funding it recently received. It also opened its beta to everyone in the U.S., dropping the invitation-only requirement, and launched a new iPhone app that lets members interact with Turntable away from their computers.
“The last three months have been incredible,” Turntable CEO Billy Chasen blogged. “We’ve grown to over 600,000 people, sharing, talking and discovering new music with each other. Because of this growth and because we have so much to do and explore in creating the web’s first truly social music experience, we have raised 7 million dollars.”
The funding round was led by Union Square Ventures, and the other investors include First Round Capital, Polaris, Lowercase Capital, and Benchmark, along with an eclectic bunch that includes: Troy Cater of Atom Entertainment, Lady Gaga’s manager; Jimmy Fallon, TV host and comedian (pictured); Tim Kendall, who left his position as Facebook’s director of monetization in Dec. 2010; Guy Oseary, talent manager who works closely with Madonna; Vivi Nevo, Time Warner’s largest shareholder; Questlove, musician best known as the drummer in The Roots; and Courtney Holt, who was president of MySpace Music until he resigned in February. Union Square’s Fred Wilson will be joining Turntable’s board.
Turntable adds creative and social elements to music by enabling users to gather in a chat room hosted by a member who chooses, programs and plays what they all listen to. Among many other interactive features, there is a points system that helps rank DJs by popularity.
Turntable blog post – http://tinyurl.com/69ht3zp
Billboard.biz – http://tinyurl.com/6xzaznx
New York Times’ Bits – http://tinyurl.com/6aohzn9