7Digital Gets £4.25million
A London-based rival to Apple’s iTunes music store has unveiled plans to expand into the US and Europe after securing £4.25m in funding.
7Digital, one of the first digital music stores on the market when it launched four years ago, has attracted investment from Sutton Place Managers, the venture capital fund in which Mark Getty is a partner, and existing investor Balderton Capital.
While many competitors to Apple’s market leading iTunes music store have faded away, 7Digital has endured by working closely with labels and unsigned acts.
In contrast to Apple, it has experimented with a range of formats, pricing models and delivery systems and notched up high-profile deals with the likes of Radiohead and partnership agreements with ITV, the Independent, Bebo, Last.fm and others.
7Digital Founder Ben Drury said the company was now well placed to expand as the record industry moved to remove digital rights management software from downloads, meaning it could more easily sell music that would work on any device.
