Music Tech

Streaming Music Service Zvooq Says It’s Been Raided By It’s Own Investors

image from"We’re under assault," Alexei Ostroukhov, the founder of streaming music service Zvooq and it's parent company Dream Industries, wrote on his Facebook page.  The Russian startup’s office and bank accounts  had been “lawlessly seized” by its investors, according to Ostroukhov who added that, the company's offices were now watched by “armed security guards and raiders’

In addition to music streaming service Zvooq, Dream Industry runs subscription book club Bookmate and knowledge exchange Theory & Practice.

The Russian and global tech communities have rallied behind the founders, writing to Russian Prime Minister Dmitriy Medvedev to “ensure physical safety, as well as freedom from slander and biased criminal indictments” of the founders and staff.

Is this an unjustified forced takeover or investors protecting their interests? Some new reports continue to trickle out of Russia, but as The Next Web reported, "what started as a seemingly legitimate change of CEO becomes a huge public controversy with references to the 'turbulent 90s (in Russia)', traditionally associated with 'businessmen' carrying guns.

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1 Comment

  1. Matell is an American artist who’s current Digital releases are out on Zvoog. He depends on the Russian market to bring him in revenue in a bad economy. Russia is Matell’s top market bringing in 10 percent more revenue then the USA. With that said Matell stands behind and supports the arts, and those that love music. His Top single right now is “Into The Night,” due in stores everywhere 15.Feb.2013 in just(23 days left) including Zvoog. Please checkout the newest release and comment.

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