Beyond Oblivion Raises $77 Million In Round Led By New Corp
Beyond Oblivion has raised $77 million in funding in a round led by News Corp and Wellcome Trust. Beyond Oblivion is a digital music discovery service that launched in 2011.
Beyond Oblivion wants to charge device makers a one-time fee to ship software on their devices. And Beyond Oblivion will pay content owners every time a user plays a song through the software.
Beyond Oblivion was supposed to launch in 2010, but it was delayed. Allen & Company and News Corp. was part of a $10 million funding round that went into the company in April 2010.
Beyond Oblivion CEO Adam Kidron said that the company is guaranteeing content owners $500 million in revenues. It will return between 70% and 90% of total revenue to them as well.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry