Internet radio pioneer AccuRadio announced a $2.5-million investment from NantWorks LLC, headed by entrepreneur Dr. Patrick Soon-Shiong. AccuRadio was founded by CEO Kurt Hanson, also RAIN News Founding Editor.
Kurt Hanson began building AccuRadio in 2000. It was an experiment first, and became a hardy first-mover in what has evolved into a crowded field littered with music services that did not survive. Today’s press release notes that AccuRadio operates profitably.
AccuRadio lives up to its name by programming over 1,000 stations covering a wide spectrum of genres, time periods, styles, and moods. Users can combine the exceptionally fine-tuned stations into customized listening experiences. AccuRadio has won the “People’s Choice” in the Webby Awards twice, for Best Radio.
AccuRadio grew from a series of articles in RAIN News between 2000 and 2002. RAIN Editor Emeritus Paul Maloney described the emergence in a post last year: “[AccuRadio] evolved out of a series of RAIN articles in 2000 through 2002 intended to show broadcasters how they could build a multichannel, personalizable Internet radio service. Beginning with three channels of music — “Swingin’ Pop Standards,” “Modern Rock Classics,” and “Piano Jazz.”
Dr. Soon-Shiong was Fortune Magazine’s 2013 Business Person of the Year. He is a South African immigrant who moved to Los Angeles 30 years ago. Soon-Shiong was recognized for a high-profile buy-out of Magic Johnson’s stake in the L.S. Lakers, and he attempted to buy the Dodgers last year. Professionally, Shoon-Siong is a pioneering surgeon, researcher, and inventor of the cancer drug Abraxane.
“We’re extremely excited to work with Patrick, who is one of world’s brightest and most forward-thinking entrepreneurs,” Kurt Hanson said. He noted that the investment will bring PR and marketing support to AccuRadio.
OFFICIAL PRESS RELEASE:
ACCURADIO RAISES $2.5 MILLION IN “SERIES A” FUNDING FROM NANTWORKS
Pioneering online radio property AccuRadio, led by CEO Kurt Hanson, COO John Gehron and EVP/Programming Paul Maloney, has raised a “Series A” round of $2.5 million from L.A.-based NantWorks LLC, headed by successful entrepreneur Dr. Patrick Soon-Shiong.
AccuRadio is one of the world’s leading brands of personalizable online radio, offering over 1,000 channels of rock, pop, classical, jazz, R&B, country, world music, Broadway, and more.
AccuRadio is unique among major brands of online radio in that it targets an upscale, educated, at-work, P35-64 demographic.
AccuRadio was an early entrant in the field of personalizable online radio, preceding the entrance of Pandora and I Heart Radio into the space by several years, and is an industry leader in many measures of customer satisfaction and loyalty.
AccuRadio is a two-time winner of the Webby Awards’ “People’s Voice” award for Best Radio. It is one of what is believed to be a very small number of profitably-operating online radio brands.
Dr. Soon-Shiong is a surgeon, scientist and entrepreneur who has built two multi-billion-dollar biotechnology firms and is currently the CEO of NantWorks, a family of companies dedicated to providing knowledge for all through the convergence of science, infrastructure and mobility to improve how we live, work and play.
“We see a great opportunity in accelerating AccuRadio’s leadership position by enabling new means of engagement among music-lovers through the AccuRadio platform,” Soon-Shiong said.
Hanson noted, “We’re extremely excited to work with Patrick, who is one of world’s brightest and most forward-thinking entrepreneurs.”
“We’re also delighted to finally be able to bring PR and marketing support to our product,” Hanson said. “AccuRadio has industry-leading measures of customer satisfaction, including Average Time Spent Listening in Webcast Metrics and its iOS and Android app user ratings, and with the help of this funding, we believe we can really take the brand to the next level.”
AccuRadio’s funding round comes on the heels of Google’s recent $39 million purchase of Songza and Apple’s recent $3 billion purchase of Beats Music.