Kanye West and Lady Gaga aren't just innovators when it comes to music, the two pop stars are also getting on the leading edge of social media with an investment in hot New York startup Turntable.fm. The music service, which lets people play music for an audience of friends and/or strangers, recently raised $7.5 million in venture capital funding with West and Gaga among the multiple backers.
Turntable, which went live in January, exploded in popularity last month and has recently attracted the support of other celebrity co-signers like famed Roots drummer and DJ Questlove, who made a special appearance on the site that led to a server crash. The recent funding round was headed by the influential firm Union Square Ventures and values the company at about $37.5 million.
Turntable makes a vast library of music available to its users to stream for free as long as at least one other person is around to listen. The company says it is protected by the same Internet radio laws that allow Pandora to operate without licenses, but the legality of the one-of-a-kind services is yet uncertain.