News Corp. Invests In Music Start-Up Beyond Oblivion
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News Corp. (NYSE: NWS) has invested in Beyond Oblivion, a one-year-old music start-up, as part of a second round of funding worth $10 million.
The second-round investment was disclosed in a regulatory filing yesterday. CNet reported that according to multiple sources the New York-based company is working on a plan to help consumer electronics makers pre-load music on portable devices and computers. The service could be similar to Nokia’s Comes With Music, which allows users to download an unlimited number of songs for a year with the purchase of a phone.
So far, Beyond Oblivion has not been able to acquire music rights from the major record labels, but perhaps that’s where News Corp. could help out. It already operates MySpace Music, which is run in partnership with the four major recording companies.
On the company’s web site, it has a countdown clock to “insurrection day,” which now stands at roughly 170 days and 22 hours. The clock is counting down until Oct. Nov. 10, or as they call it 10-10-10.
The company describes itself as a music service that combines the stickiness of a social network with “unlimited life-of-device access” to the largest music library on Earth. Content owners are paid per-play no matter if the original music file was ripped, bootlegged or legally or illegally downloaded.
Posted In: Entertainment, Music, Mobile, Money, M&A & Venture Capital, Venture Capital, Companies, News Corp., oblivion
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