Another kid is on the block. London-based, 7Digital, is a music download site that has survived in the music download market due to its commitment to supporting unsigned bands and labels. Now, the online store has received £4.2m in funding to expand its operations into Europe and the US.
Attracting investment from venture capital fund, Sutton Place Managers, and long time investor Balderton Capital, 7digital has been in operation online for four years and has avoided the fate of many online download sites that have diminished from the dominance of Apple’s iTunes store. 7digital has experimented with many formats, deals and delivery systems. The store has also made high-profile alliances with Radiohead, ITV, the Independent, Bebo, Last.fm and more.
It is expected that 7digital will use its newly attainted funding to not only move into international markets but to add film and game downloads in addition to its catalogue of 3.5m music tracks.
7digital founder Ben Dury told MediaGuardian that the company is now well placed to expand as the record industry moved to remove digital rights management (DRM) software from downloads, meaning it could more easily sell music that would work on any device.
"The last year has seen rapid growth in the digital music market and this year we expect it to grow even faster with the move toward the open MP3 format. 7digital has enjoyed incredible growth in the UK and Europe and with this new investment we are well-placed to expand overseas and into new areas," he said.
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Date Published: January 31, 2008
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