Dumbo-based Digital Music Distributor TuneCore Raises $7 Million

TuneCore, a Dumbo Brooklyn-based provider of digital distribution services for independent artists’ music through online retailers like iTunes and Amazon MP3, has raised $7 million in its first round of venture capital, which was led by Opus Capital, according to Venture Beat. DumboNYC interviewed co-founder Peter Wells in April 2007. Founded in 2005, TuneCore does not take a cut of sales/royalties, but charges artists an upfront $32 fee to distribute their music, videos, and other content to digital retailers.

TuneCore’s customers include Jay-Z, Keith Richards, Public Enemy, Nine Inch Nails, Ricky Skaggs, Paul Westerberg, MGM Studios, Warren G, Bjork, Moby, High School Musical cast members, Ali Lohan, Cirque Du Soleil, Starbucks, Joan Jett, Rockstar Games, David Byrne, MGMT, and tens of thousands more. The company has 150 to 250 releases a day and has generated $15.5 million in sales for its artists. Congratulations to TuneCore and its 16 employees!

{TuneCore raises $7 million for music distribution services, 26Oct2008, VentureBeat}
{Music distributor TuneCore gets $7 million, 26Oct2008, cnet news}
{Business Spotlight – An Interview with TuneCore, 16Apr2007, DumboNYC}

{Dumbo Based Waterfront Media Merge with Revolution Health, 03Oct2008}
{Brooklyn-based Etsy Raises $27 Million in Fourth Round, 31Jan2008}

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