SOURCE: JumpStart

JumpStart Ventures invests in and forges partnerships with innovative, early-stage companies

March 02, 2010 12:21 ET

JumpStart Ventures Invests in New Media Company With Digital Music Application

CLEVELAND, OH--(Marketwire - March 2, 2010) - JumpStart Ventures, which invests in and partners with innovative, early-stage companies in Greater Cleveland, announced an investment commitment of $250,000 in Melody Management. The four-year-old new media company has developed a Software-as-a-Service (SaaS) application for independent musicians to efficiently manage their online presence and digital music sales across multiple social networking websites.

The convergence of production-quality consumer electronics, digital music, and the Internet has changed the way music is discovered, listened to, and purchased by consumers. Melody Management's SaaS application allows the 8.5 million independent artists in the U.S. to capitalize on this change in the music industry. Using the application, artists upload their digital music files to a centrally-managed web interface, distribute them across dozens of social networking sites, and get paid for digital music sales with a Melody Management branded debit MasterCard.

"One of the things we recognized about this company is the strength of its management team," said JumpStart Venture Partner Lee Poseidon, who will be working with Melody Management founders Glen Johnson and Pete Durette to meet their growth milestones. "Glen, Pete and their team have 60 years of experience at IBM and Microsoft. The Melody Management team has gleaned some great insights into building software solutions."

The JumpStart Ventures investment will be used to conclude an ongoing beta test, develop new strategic marketing partnerships, and execute sales efforts. This month Melody Management will introduce its SaaS application to thousands of independent artists as an exhibitor at the South by Southwest (SXSW) Music and Film Conference in Austin, TX.

About Melody Management

Melody Management is a Software-as-a-Service (SaaS) company developing digital music services that help independent artists manage their music careers online. The services are provided via a user-friendly web interface and include a Melody Music Desk™ that lets artists manage their digital content, a Melody Widget™ that lets them share and sell their music on social networking sites, and a Melody Prepaid Debit MasterCard™ that puts 85 percent of sales into their account. Melody Management helps independent artists "Get Seen, Get Heard, & Get Paid."

About JumpStart Ventures

JumpStart Ventures is the investment arm of JumpStart Inc., a nationally recognized venture development organization that accelerates the progress of high potential, early-stage businesses and has a special focus on diverse entrepreneurs working in the highest growth industries. Through the depth of its entrepreneurial team and the breadth of its high value resources, JumpStart improves client success in achieving significant milestones, including raising the follow-on capital necessary to create wealth, striving to create a more prosperous future for Northeast Ohio.