Cambridge music streamer raises £200k

Wannabe ‘Dragons’ looking for the next Spotify have backed a unique pay-as-you-play digital jukebox, Psonar, investing over £200K of their own money. The streaming service sold equity through the crowdfunding platform SyndicateRoom, based in Cambridge, exceeding its funding target of a cool £200,000. The cloud-based service lets music fans stream the songs they want to hear on their mobile phones, paying per track using pre-paid credit. Just as mobile phone top-ups revolutionised the world of telecommunications, so Psonar hopes to have a similar effect on the growing music streaming industry.

Billions of people worldwide want to stream music, especially on their mobile phones, but at an annual cost of £120/$120/€120 for services such as Spotify, Deezer and Rdio, the cost for some is just too high. Psonar removes that barrier to entry, “aiming to serve the disenfranchised majority of music fans who want access to on-demand streaming, but who cannot afford subscription streaming”, according to Psonar CEO Martin Rigby.

For as little as 1p per play users can listen to the tracks they want, on a pay-as-you-go basis, buying small amounts of credit using a card or their mobile phone. An innovative gifting option also allows users to send playlists to other people that they can play immediately in any HTML5 browser without sign-in or sign-up. Psonar is available through iPhone, Android and Blackberry 10 apps, as well as an HTML5 web player.

The platform is already live in the UK and Ireland, with 1,400,000+ tracks (390,000 tracks from Universal Music and 1,000,000 from independent labels).

Read more: http://www.cambridge-news.co.uk/Business/Business-News/Music-streamer-ra...