Radionomy Streams 1 Million Hours Of Online Radio Every Day
Online radio is doing as well as it does offline and the trajectory for growth seems upwards. Benefiting from this upward trend is streaming online radio platform Radionomy.
Based in Europe, the company lets users create and broadcast their own online radio station free of charge, and based on reports, the company is now streaming over 30 million hours of radio each month—that’s roughly 1 million hours broadcasted each and every day.
This level of activity naturally has caught the eye of investors and it is being reported that French investment bank, Bryan Garnier is helping Radionomy secure $15 million in funding from VCs. This new round of funding is expected to close out at the end of the year (2011) and will complement the $2 received in earlier rounds.
The money is expected to come in handy as Radionomy plans to launch officially in the United States—much like Spotify who recently entered North America. At present, over 30% of Radionomy’s audience is based in the US, so a full-scale launch seems natural and inevitable. When the company does make its official US debut, it will join the ranks of Spotify and others who transferred a working model for online music delivery and make it palatable to an American audience.
Radionomy will of course have to compete with Pandora, and it’s not clear if the company has a strategy for tackling that.
Do you think online radio will someday eclipse regular offline radio? Share your thoughts and predictions in the comments below.