French tycoon Bernard Arnault has been flexing his financial muscles again with an investment in a European online music startup Peoplesound.com
Arnault also has substantial investment in MP3.com, online retailer Boo.com and French ISP Liberysurf.
Peoplesound.com is headed up by former Compuserve UK chief Martin Turner and aims to shake up the music industry by acting as a free online music navigator for new and original talent.
It guides consumers actively to the music they want, provides a springboard for emerging artists and acts as an online tool for the music industry. (see Newswire 1 July)
Since its launch in June it has recruited a ‘grass roots network’ of 150 music industry professionals in the UK who work from all its major cities searching for new talent to include on the site.
Executives have also been recruited in Germany, France, Turkey, Italy, Scandinavia and the Benelux countries to hunt for emerging artists on their own local scene.
The investment, which is described only as substantial, will be used to accelerate the company’s pan European expansion, explained Ernesto Schmitt, president and chairman of Peoplesound.
“In order to offer local music to local people you need a local presence,” he said.
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