Myplay Launches Consumer Online Music Service
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Myplay Wednesday launched an online digital music service that provides consumers with centralized storage and the ability to access their music collection from anywhere in the world.
The service works with multiple devices such as a laptop or desktop computer, hand-held PDA or late-model cellular phone.
The company has strategic partnerships with the music download directory Listen.com and MP3 distribution hubs Tunes.com and Emusic.com. It has marketing agreements with Dreamworks Records, Artemis Records and Atomic Pop.
The company also announced it has raised $5 million in its latest round of funding from two prominent venture capital firms: Institutional Venture Partners (IVP), and Integral Capital Partners, both of Menlo Park, Calif., investment bank Allen & Company, based in New York, and other private investors.
"Hosting music files on the Web is the obvious next step in the MP3 revolution. Myplay's service stands out in the rapidly-evolving music field as the clear leader in delivering a user-friendly solution for high-quality digital audio," said Roger McNamee, portfolio manager of Integral Capital Partners.