Funding the future of music

by Catherine Woods - Monday, 24th September 2007 -

Relying on a piece of software to pick the music you listen to may sound a little lazy, but Rhett Ryder is convinced that this piece of software could be as big as any web-based product that’s around at the moment.

It’s called The Filter and it was developed by Ryder’s business partner, Martin Hopkins. They recently received $5m in second-round funding from rock musician Peter Gabriel and technology investors Eden Ventures to take The Filter into the mainstream.

“We wanted to grow The Filter community, as opposed to trying to rush for revenue. So before we even thought about advertising or some sort of subscription model, we needed funding to get the product out in the market for people to try. The other thing we wanted to do was bring in some experts,” Ryder says.

The company has now appointed its first external CEO and a marketing team. A slicker website, new Facebook applications and an improved user interface are also in the pipeline.

The funding also means The Filter can move beyond just music.

“With this latest round of funding, we’ll be looking to move it into other media. If you like this music, The Filter will be able to suggest that you’re probably going to like this film, these TV programmes and those URLs, etc.

"This latest round of funding will take it to other media types, and I think that’s unique in the market at the moment.”

WHAT NEXT?
Sign up for our newsletter and get our weekly pick of business news in your inbox!
Subscribe to our magazine for in depth interviews and advice from leading entrepreneurs!
Join our forum and talk business with other entrepreneurs!