TastemakerX calls itself a “music discovery mobile application”. They just received a new line of funding to the tune of $1.25 million from Baseline Ventures, True Ventures, Guggenheim Venture Partners and AOL Ventures.
Are you serious? $1.25 million for a music discovery platform?
What this investment says to me is that the current market that consists of: Spotify, Last.fm, Turntable.fm, Soundcloud, Rhapsody, Rdio, musicplyr, beatport.com and Pandora are totally insufficient for satisfying our music discovery needs.
But not only has TastemakerX entered into a crowded marketplace, they’ve hobbled in with a really confusing product.
“TastemakerX had been developing a niche for itself by rewarding users for their new music finds, via a metric called the “T-Score” which demonstrated their influence based on their trades of “artist shares.” It was very much like a virtual stock market.”
Techcrunch.com, who covered this article, disclosed that its parent company is AOL. I hope for their sake they covered TastemakerX in a positive light due to the ‘don’t bite the hand that feeds you’ theory.
Also, adding an ‘X’ to the end of your product name does not make it cooler. It does the opposite.