NEWS4 January 2012
US— Next Big Sound (NBS), a data analytics firm that tracks the popularity of music artists on social media sites, has closed a $6.5m financing round.
Funds will be put towards an expansion of the team and the opening of an office in New York City. The company is based in Boulder, Colorado and is led by co-founder and CEO Alex White (pictured).
NBS pulls data on artist plays, likes and views from sites such as Last.fm, MySpace, Facebook and YouTube to track fan engagement. It provides more detailed breakdowns through its $79-a-month Premier service and produces charts on the most popular acts and those gaining in popularity for music industry bible Billboard.
IA Ventures and The Foundry Group led the Series A financing round, the latter having previously invested in the firm in 2009.
BigChampagne, a rival social media music analytics firm, was bought by Ticketmaster owner Live Nation last month.
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