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AmieStreet.com raises $3.9 million in Series-B funding led by Deep Fork Capital

AmieStreet.com, an online music store that introduces new songs as free downloads and then raises the price as they are downloaded more frequently, has raised $3.9 million in a second round of funding led by Deep Fork Capital and participated by three unnamed investors. In August 2007, Amie Street closed its first round of funding led by Amazon.

AmieStreet.com, an online music store that introduces new songs as free downloads and then raises the price as they are downloaded more frequently, has raised $3.9 million in a second round of funding led by Deep Fork Capital and participated by three unnamed investors. In August 2007, Amie Street closed its first round of funding led by Amazon.

According to Amie Street co-founder Joshua Boltuch, the company plans to use some of the new funds to develop an internet radio product around the music search engine Songza, which Amie Street acquired in October 2008 for an undisclosed amount.

Launched in July 2006, AmieStreet.com has primarily been a distribution channel for independent labels and artists. The online music store gives artists 70 per cent of revenues after taking the first $5 of revenue from each song. Recently, Sony Music became the first major label to add its content to AmieStreet.com though at fixed prices model. [Source: GigaOm, CrunchBase]

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