Spotify rival Electric Jukebox set to raise £7m on Aim
Stars including Robbie Williams, Stephen Fry and Sheryl Crow are among the investors in an up and coming music streaming service that will raise £7m when it becomes an Aim-listed company this week. The service, Electric Jukebox, allows a year’s free access to 29m songs simply by plugging a gadget straight into a TV.
It aims to compete with established streaming services such as Spotify and rapper Jay Z’s Tidal, although its simplicity is designed to appeal to new audiences, especially to older music lovers who still listen to CDs.
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The device’s controller is motion-sensitive and similar those used with the Nintendo Wii console, with a microphone also allowing for voice search.
The firm is expected to this week announce the names of two high street retailers interested in stocking the device.
Electric Jukebox is backed by a UK company involving property billionaire Nigel Wray. He has forged deals with major record labels, including Universal, Sony, Warner, Merlin and Beggars Group, which mean the service will cost less than its rival Spotify.