Cambridge’s ‘jukebox in the cloud’ a smash hit
Cambridge’s ‘jukebox in the cloud’ technology pioneer, Psonar, has exceeded its £300k target on crowdfunding platform SyndicateRoom and is preparing for a global rollout.
Halfway through its last day of investment on the platform, Psonar had raised more than £340,000.
The UK company’s technology allows customers to play the music they want to hear from as little as a penny or a cent a track.
Psonar is already implementing plans to roll out globally in 2015 in Latin America, Southern and Sub-Saharan Africa and South East Asia.
By partnering with mobile operators, Psonar is capitalising on its flexible and affordable Pay Per Play model to address these markets, where the majority of consumers do not have bank accounts or credit cards and pay-as-you-go mobile penetration is high.
In Latin America and Africa 82 per cent and 96 per cent of mobile users respectively are using pay-as-you-go mobile phone services.
The market the Cambridge business is attacking is huge. With the audio streaming service market in the US alone increasing by 103 per cent in 2013, and with recent high profile acquisitions in the sector - Apple has confirmed it will buy Beats Music for $3bn - Psonar is active in a fast-growing market.
Digital music delivery doyen Spotify is also scaling up in Cambridge – Europe’s innovation capital.
Psonar has experience in the boardoom as well as cutting edge technology at the front end. Directors include Bango CEO Ray Anderson, Anil Malhotra, David Gill – who runs St John’s Innovation Centre, Martin Rigby – plus music industry veterans.