Universal Music Group backs Buzznet
EmptyDENVER -- Social media site Buzznet confirmed rumors that Universal Music Group is a new investor in the company. The two revealed today that UMG has taken an equity stake in the growing site in return for providing content and access to artists.
The amount of equity stake was not disclosed. Through the deal, UMG is licensing its catalog for full-song streaming and music videos, as well as providing editorial content directly from artists who will participate as guest bloggers.
Buzznet has unveiled a slew of new partnerships in the last several weeks after closing what has been reported as a $25 million funding round. Buzznet will not comment on the investment outside of confirming UMG's participation.
The service also recently acquired music blogs Idolator and Stereogum.