This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Digital
Beyond Oblivion gets new cash injection
By CMU Editorial | Published on Wednesday 9 March 2011
Talking of digital lockers and cloud-based-musical-flim-flams, the previously reported News Corp-backed Beyond Oblivion, a digital locker service which plans to pay/charge a small licence fee every time a song is played over its system, has just secured another $77 million in financing ahead of a planned launch later this year.
According to a statement the new funding, which includes another injection from News Corp as well as an investment by the Wellcome Trust, will provide “the financial backing to secure worldwide content rights, deploy a robust global delivery infrastructure and market commercial launch”.
Meanwhile, founder Adam Kidron told CMU: “Wellcome Trust’s investment in Beyond Oblivion is an important waypoint as we prepare the Beyond Marketplace for launch. Today’s announcement will be followed by others as leading device manufactures, network operators, consumer brands and investors seek the commercial advantages of a fair and transparent recorded music marketplace”.
