Loudcrowd Gets $3M. Will Visitors Follow?
Conduit Labs has gotten $3 million in second round financing to expand its Loudcrowd social music community. I admit that I had not even heard of the site before the new multi-million dollar commitment. In fact, most people probably haven't either. Loudcrowd's monthly unique visitors sit at under 7000.
The site is aimed at the dance music community including fans and DJ's. It's a hybrid virtual world and social game set in a nightclub. Time will tell if that's enough differentiation in the over-crowded social networking mix. Do users want to connect with all their casual friends on Facebook or prefer to spend their time in a niche network of like minded people? Perhaps they'll find the time for both.
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Is the budget going directly into paying people to sign up? That would be the only effective approach I can think of. Another site to sign up for and create a profile on? That’s a harder sell every time it happens, and it happens every day.
I’m not sure where you get the 7k visitors number, I imagine one of those traffic sampling sites (Compete/Quantcast), but I can say it is very far off the mark. One of the reasons that artists like Franz Ferdinand and Chester French have been working with us is the rapid, and incredibly engaging nature, of the Loudcrowd community.
As Justin states, most music sites are largely copy-cats of each other. I think you’ll find that the approach on Loudcrowd is wholly unique. But as you say, time will tell.
Especially surprised you hadn’t checked us out since I’ve actually had guest posts on Hypebot before. 🙂
http://hypebot.typepad.com/hypebot/2008/04/rockband-music.html
Hello Nabeel. We’ll, I guess this proves that I don;t show favorites. Yes the number came from Compete.
As I said in the post, I think that the concept has potential. I’m just always going to be surprised when a music site that I’m not familiar with gets $3M in second round financing.
All the best.
Loudcrowd’s successful funding shows that the market for social music games is definitely strong. Nabeel in particular has done some great work in this arena.
We at JamLegend are proud to see them doing well. It may have all started with Guitar Hero and Rock Band, but the world of onling music games is just about to begin.