Psonar Positions For International Expansion With Crowdcube Campaign
Psonar, a pay-as-you go music streaming service, has launched a Crowdcube investment campaign with the hopes of raising £250K as part of its current £1M fund-raising round, of which £305K has already been raised from private investors) to fund efforts to make music streaming affordable for listeners all around the world.
Optimized for mobile use, Psonar's pay-as-you-go model allows the millions of people who can’t afford a monthly subscription of £9.99 affordable, ad free access over 3 million tracks for as little as a penny per play.
Martin Rigby, co-founder and CEO of Psonar, explains: “In the last two years there has been a major shift in consumption of digital music, from downloading to streaming. Streaming growth has been focused around variations of a single payment model: subscription of £9.99 per month on mobile. The major limitation with this model is that it is unaffordable for many consumers in developed economies and the vast majority of consumers in developing economies.”
“Psonar is a business with global potential – hundreds of millions of music fans worldwide have smartphones but don’t have credit cards or bank accounts. Psonar offers them access to on-demand streaming music on a PAYG basis, which is affordable, flexible and gives them complete control over how much they spend. The investment that we are raising on Crowdcube will position the service for international expansion, which includes launching the service in other European territories and the USA at the end of this year. We anticipate raising a larger series A round in late 2015 or early 2016 to accelerate Psonar’s global roll-out plan. Our target territories for further expansion starting in late 2015 include sub-Saharan Africa, south-east Asia and Latin America”, Rigby continues.