Opinion NEWS
Music streaming service Mog Gets Another $10 Million
By amarendra bhushan for CEOWORLD Magazine Updated:February 26, 2010
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MOG, A music streaming service with backing from both Universal Music Group and Sony Music, has raised $9.5 million in a new round of venture funding. Mog.com had already raised a total $12.5 million from Menlo Ventures, Simon Equity, Universal Music Group and Sony Music in the last four years, including $5 million in August.
The round was led by Menlo Ventures, which was joined by new investor Balderton Capital. Dharmash Mistry, partner at Balderton Capital, has been appointed to MOG’s board. The funds will support the development of mobile applications, building partnerships with consumer electronics companies, and expanding MOG’s presence globally starting with the United Kingdom in the second quarter of 2010.
In addition, MOG announced that the MOG All Access free trial will be extended from one hour to three days. “Since we launched MOG All Access in December, we’ve seen an incredible 17 percent user conversion from the free trial which proves how much people like the service,” said David Hyman, founder and CEO of MOG. “We know MOG All Access is the best way to discover and enjoy music so we’re making it easier for people to experience the service first-hand.”
MOG All Access will launch in the United Kingdom by the end of the second quarter of this year with a comprehensive catalog of music of approximately 7 million songs from all of the major music labels, Universal Music Group, Sony Music Entertainment, Warner Music Group, and EMI Music, as well as hundreds of independent labels including Beggars Group, INgrooves, IODA, The Orchard, and many more from around the world.
“MOG All Access is the best listening experience possible because we deliver the best on-demand experience, the best radio and the best tools to discover new music,” Hyman continued. “The response to MOG All Access among U.S. music fans has been fantastic and we’re excited to begin rolling out the service internationally starting with the U.K.”
MOG All Access’ monthly subscription gives users unlimited music listening and playlist creation from any browser. There are no restrictions on what subscribers can hear or when they can hear it. In addition to the music service, MOG is home to more than 1,000 music blogs covering everything from pop to jazz to blues to country and comprising the largest music ad network on the web. MOG provides a single destination for people to discover and enjoy millions of songs and to immerse themselves in music content including news, reviews, playlists and lyrics.
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