Music Box: Stop Music, Stop Music Box
Australian Financial Report says the company’s music box, which offers streaming and download music to mobile devices, has raised $500 million.
It was founded in 2009 by former music industry executive Matthew O’Neil.
Music Box’s CEO, Mark Evans, said the company had raised $400 million in funding, mainly from investors, and would be launching a new music streaming service on the launch of its new device.
The company had previously raised $40 million.
The new product will be available in Australia in October, with plans to launch the service globally later this year.
The music box has two features, which can be used to watch movies and music on-demand or to download music from the internet, including Spotify, Rdio, Apple Music, Rdme and Google Play.
MusicBox can also stream live music from a number of services including YouTube and Spotify.
Mr Evans said the new product would give Australians access to their favourite music from all genres.
It will also allow users to choose which songs they want to listen to in their listening queue, he said.
The device was launched at the 2014 Consumer Electronics Show, and has already been used by thousands of users in Australia.
It also has a range of other features including a music player that can be played on a mobile phone, and an alarm that will alert users to new music when it rings.
The box has been a popular product for a number years, but the launch comes as the music industry faces a massive decline in subscription music revenue, which has fallen by more than 50 per cent since 2009.
Mr O’Neill said the music box was not only a business model for him, but for the industry as a whole.
He said it was a “huge step forward” for the company.
“This was the start of something we’re proud to be part of,” he said, adding the company was committed to the future of its product.
“Music Box has grown from a small startup to a world leader in music subscription technology.”
The music service, which currently has two devices in Australia, has been the subject of criticism in recent months.
In February, the Australian Competition and Consumer Commission ruled that Music Box infringed on its trademark and trademark rights, and had failed to provide adequate warning about its products and services.
A year later, it was accused of misleading consumers about its music service and service fees.
Mr Martin said the ACCC ruling was disappointing, but it was also good news.
“It shows that it’s still important for consumers to know what they’re getting into,” he told AM.
“I think we’re just going to keep doing what we’re doing and keep innovating to the benefit of everyone.”