Turntable.fm was resurrected by founder Billy Chasen for the pandemic era as an invite/password-only social music service. The site currently routes music through YouTube videos as a workaround for music-rights costs. Chasen says the new funding will let the team explore the intersection of social and music, and the company is hiring engineers and designers. Prior to this round, funding came largely from fans via Patreon and Venmo; Chasen plans to turn off the Patreon now that VC backing is in place. The original Turntable.fm shut down in 2013 due to the high cost of running a music service and challenges monetizing; the relaunch seeks to address those issues. Future possibilities mentioned include pursuing direct music licensing, integrations with apps like Spotify, and a mobile app. Turntable.fm is a social music site that launched in private beta last May and requires Facebook invitations to join. Users create avatars, take turns DJing in virtual rooms, earn points from listeners, and interact while music streams. The service has generated more than one million song streams per day, with roughly 650,000 registered users and over 300,000 rooms created; about one-third of registered users are active. The product has drawn attention from both Hollywood and Silicon Valley, helping attract celebrity and institutional backers. The company closed a new funding round, signaling investor confidence in growth and engagement metrics. No revenue figures are disclosed in the article.

Total raised

$15M

Funding rounds

2

Latest round

Equity

Latest activity

May 2021