SoundOut Secures $2 Million Funding
July 19, 2011 at 8:32 AM (PT)
SOUNDOUT, an online consumer insight and analytics service for new music, has raised $2 million in equity funding from a number of private investors and entrepreneurs. To date SOUNDOUT has used tens of thousands of online 'scouts' to research over 75,000 new tracks collecting over 6 million scout reviews. In the process SOUNDOUT has built a comparative database that is able to accurately predict the commercial potential of any new release in any genre in any market.
SOUNDOUT's new service for radio (www.soundoutresearch.com) researches every new release in the U.S. and U.K. markets with thousands of online music scouts instantly identifying those tracks with the strongest (and weakest) hit potential. The service has been adopted by radio across the U.K. and is now enjoying adoption in the U.S.
SOUNDOUT is also working closely with certain major and independent record labels to help identify optimum single releases and potential signings.
CEO DAVID COURTIER-DUTTON commented, "By testing everything and providing a standardized, crowd sourced research methodology to all players in the music ecosystem we offer everybody cost effective and objective guidance on new music. The rapid adoption by radio and their confirmation of the predictive power of SOUNDOUT research is now driving significant interest across the industry. The funding announced today will enable us to further accelerate this adoption over the coming months and significantly advance our SOUNDOUT technologies."