Following in the footsteps of Justin Timberlake, Kanye West is the latest star musician to invest in a social media company. The multiple Grammy winner has just donated funds to Turntable.fm, a New York-based startup that lets users play music for an online audience.
West joins Lady Gaga and influential venture capital firm Union Square Ventures in giving Turntable a cash infusion. The “Runaway” rapper gave $7.5 million to the company, which is valued at about $37.5 million, according to Business Insider.
Turntable.fm follows the same law that allows Pandora Internet radio to stream millions of songs without licenses, but it’s not clear if the service qualifies for those protections. The support of artists could help in the battle to earn record label approval.
West is also reportedly involved in another startup called Voyr, which allows fans to sign up for a live stream of the behind-the-scenes activities of their favorite celebrities for a monthly fee.
(Photo: Andrew H. Walker/Getty Images)
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