Friday, April 23, 2010

MXP4 closes $4 million investment to accelerate the MXP4 Everywhere strategy

PARIS, FRANCE: MXP4, the leading developer of interactive music solutions, announced a $4 million round of financing led by Orkos Capital and including previous investors Sofinnova Partners and Ventech.

The financing reflects the appeal of MXP4’s interactive music solutions to brands, advertisers, media portals, mobile applications, music distribution platforms and third-party music formats. The funds will be used to accelerate the rollout of the MXP4 Everywhere roadmap, which ensures the interactive music technology is readily available in third party services, apps and music formats.

In the past year, more than 100 major recording artists including David Guetta, Michael Jackson and Britney Spears and major brands including Air France Music and Coca Cola have used MXP4 powered Web and iPhone interactive music apps to drive engagement, viral distribution and purchases.

MXP4 data shows that fans use interactive music for an average of 9.1 minutes per track, drive 75 percent of traffic virally and click through to purchase as much as 3 percent of the time.

MXP4 is led by a team of music industry and digital media senior figures. MXP4 CEO Albin Serviant served as EVP & GM at Vivendi Mobile Entertainment and held senior positions at Musiwave (acquired by Microsoft), iBazar (acquired by eBay), Pepsi Co. and Sony. Board members include Gilles Babinet, who previously founded Musiwave (acquired by Microsoft) and now serves as chairman of the board, and JF Cecillon, formerly CEO of EMI Music International and currently Vice Chairman of Really Useful Group Holdings in London.

“By reinventing the way music is played with today and in the future, MXP4 is proving that interactive music is a real revenue opportunity for the music, media and marketing industries,” stated CEO Albin Serviant. “MXP4 brings to the music the experience the same benefits as 3D does for the movie industry.”

Gilles Babinet, Chairman of the board comments, “Interactive music will leverage the whole music experience to create more value for both the consumer and the music industry.”

Dominique Rencurel, Partner at Orkos Capital adds, "We strongly back up this ambitious project, lead by some of the most talented figures in the music and digital industry in the world capable of driving a paradigm shift in the music experience."

"Being alongside the company since its early days, we are happy to see MXP4 confirming its strong and unique position in the interactive music sector," comments Claire Houry, General Partner at Ventech.

Jean Claude Martinez, Venture Partner at Sofinnova Partners, concludes, "Fully behind MXP4 since the beginning, we have decided to confirm our commitment to MXP4, which demonstrates everyday a strong acknowledgement and buying of its innovative interactive music solutions."

MXP4’s solutions reinvent the single and album experiences by allowing fans to interact with songs and "play with" the music. With MXP4-powered music files, fans can make their own remixes of the songs, sing along to the tracks, strip down the song to listen to different instruments or listen to a brand new generation of digital Maxi Singles.

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