Cutting-edge rapper Kanye West has involved himself in many successful business ventures over the years, and now the G.O.O.D Music CEO is shelling out major bucks as the latest investor for the struggling social music network, Turntable.fm.
According to Business Insider, West and fellow artist Lady Gaga are part of a group of investors who’ve provided the site with $7.5 million to keep it up and running.
For those unfamiliar with Turntable.fm, the invite only site was launched three months ago after the demise of the failed company StickyBits. Turntable.fm is a place where users listen to the music with others, giving a thumbs up to tracks they hear and like, and also earn”DJ points” to win new avatars.”
Many have been wondering whether or not Turntable.fm’s practices are legal, but aligning themselves with music’s most influential pop stars will surely boost their credibility.
And while West and Gaga may be on the cusp of a new trend among business-minded pop stars, they certainly weren’t the first to do it. Last month, it was announced that singer-actor Justin Timberlake had become part owner of the ailing social networking site Myspace, and would act as a creative force in the revamping the site.
Time will prove whether or not West and Gaga as well as Timberlake’s investments will yield a successful venture, but their ambitious business savvy must still be admired. – nicholas robinson
