Digital music distribution firm TuneCore, based in New York City has received $7 million in funding, led by Opus Capital. TuneCore allows any artist to upload their songs on their service, via an up-front fee (and no cut on royalties), and then distribute it to services like iTunes, Rhapsody, Amazon (NSDQ: AMZN) and others. It recently announced a distribution deal with social music service iLike. The company, founded in 2005, also says it distributes between 150 and 250 releases a day and recently expanded to distribute full-length films, TV shows, live concerts, and documentaries to iTunes and others.
Interestingly, Guitar Center, the biggest music instrument retailer, has previously done a strategic investment in the company, and CEO Marty Albertson is on TuneCore board....the retailer promotes the service through its stores. More details in release.
By Rafat Ali