$800 Million Invested In Music Tech In 2008
On his Indie Music Tech blog, Duncan Freeman lists more than $260 million in investments by angels and and venture capitalists in music tech companies during 2008.
After including deals where the exact terms weren’t disclosed, as well as, more than $520 million in mergers and acquisitions, he totaled a whopping $800 million in music tech related transactions in 2008. There is a list of each of the deals including links to related news stories here.
Duncan’s own Band Metrics received angel funding in 2008; and I join him in hoping that despite a tough global economy 2009 is an even brighter year for the music technology sector.
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Money money money….MONEY!
That makes it look like the so-called ‘new music business’ is at a stage that is similar to the one before the end of the Californian gold rush: back then, the big money was made by sellers of equipment (shovels, etc.) and not by the actual gold diggers themselves. Too bad that this analogy indicates that the recording artists are merely gold diggers, and when the rush is over, things go back to normal (whatever that might mean after such a tremendous change in technology).
Can you imagine major labels offering ProTools courses at introductory and advanced levels before it’s too late to jump the music tech wagon?