AmieStreet.com Launches Brand New Website On The Heels Of Double Digit Customer Growth,
Kicks Off Series B Financing
New York, NY, Oct. 15, 2008 – AmieStreet.com,
the fast growing online music retailer, launched a new website today,
unveiling a new look and user interface plus a number of new features.
"The new design and features are
driven by extensive 'voice of customer' research to make music
discovery easier and more personalized," said Elliott Breece,
co-founder of AmieStreet.com. "We've had strong customer growth because
of the popularity of our unique community driven pricing model. Now
we're excited to leverage a brand new web site and music discovery
experience to really accelerate that growth."
The new AmieStreet.com, now in
beta, comes a year after announcing a strategic investment by
Amazon.com. During this time, AmieStreet.com has increased the size of
its music catalog more than ten fold, from less then 100,000 DRM-free
mp3s to over 1,000,000 and the company has grown from 5 to 21 employees.
As the site's music catalog has
grown, so has its ability to attract new customers. Building on its
strong customer growth, AmieStreet.com is raising its Series B round of
financing with strong participation from existing investors.
In just the last three months
(July-September), AmieStreet.com has grown its customer base by an
average of 18% month over month, while continuing to maintain an
average annual spend of $30 per customer.
AmieStreet.com has also reversed
the industry-wide trend of consumers buying fewer and fewer albums and
opting to purchase singles instead. It's unique pricing model, which
prices music based on consumer demand, has led to a sharp increase in
album sales versus single song purchases. For 2007, the ratio of all
digital songs sold to digital albums sold was 17:1, according to the
industry's leading trade organization, the IFPI. AmieStreet.com has an
album to song ratio of 1:1.
is the first digital music store to leverage community-driven pricing
and social discovery tools to make buying music fun, easy and social.
Founded in the Spring of 2006, AmieStreet.com is a site where the
community determines the price of songs, which start out free and rise
in price the more they are purchased. For recommending songs that
subsequently rise in price, AmieStreet.com rewards its members with
free downloads. Amazon.com led Amiestreet.com's Series A round of
financing in August 2007. The company is located in New York City.