Tuesday, March 21, 2006

Digital Music News

"Mobile technology provider Groove Mobile has recently grabbed a second round of financing, according to a report just published in Private Equity Week. The round, led by Egan Managed Capital, raised a total of $8.5 million. Charles River Ventures, Kodiak Venture Partners and SVM Star Ventures Management were also involved. Groove Mobile powers the digital music, OTA download service for Sprint, which launched in October, 2005. Since that point, the service has reported delivery of over 1.5 million downloads, though 40 percent of those downloads were promotional. The accomplishment was powered in part by a high-profile, Super Bowl XL advertising campaign, probably raising awareness among consumers and investors alike. Competitors in the US-based OTA music market include Verizon Wireless and Amp'd Mobile.

Digital Music News (3/9/2006) 'Sprint Crosses 1.5 Million OTA Downloads'"

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