The Right Tune for Musicmatch
The a:c offers mad props to Musicmatch today. The company announced that it is selling out to Yahoo for $160M in cash. It’s a modest deal by the standards of the go-go days – and we suspect much of the money will go to long-suffering investors – but it’s a deal nevertheless. With Listen.com going to Real, MP3.com going to CNET, and the relaunch of Napster, it would seem the consolidation of the digital music space is approaching its conclusion.
I Will Survive
Founded in 1997, Musicmatch’s road was a long one (again, by Internet standards). A quick review of the company’s press releases reveals a series of high and lows – and serves as a reminder of the tenuous existence of any start-up. For instance, Musicmatch closed a $16.6M round of financing in March of 2000, just before the market tanked. For so many companies, the dumb luck of getting a financing done before the crash was the difference between life and death. The Musicmatch executives can now look back on that period of time and breathe a sigh of relief, as well they should.
Read: Yahoo Buying Musicmatch for $160 Million [AP via Yahoo]
View: MUSICMATCH SECURES $16.6 MILLION IN SECOND EQUITY ROUND – [Musicmatch.com]
Read: MusicMatch cuts staff – [News.com – 07.11.01]