Russia’s Zvooq gets another $5 million, inks telecom deal

Zvooq logo canvasRussian streaming service Zvooq announced an investment of $5 million. The influx of funding came from local electronic retailer Ulmart, which holds a 40% stake in the music company. Ulmart also led a $20 million investment in the streaming service in 2014. Zvooq currently has 1.2 million active users.

The streaming platform also inked a partnership with mobile phone operator Tele2. That arrangement will grant all Tele2 subscribers a 30-day free trial of the music service. Continuing to use the platform after that trial period will cost listeners $3.50 a month. It has a similar deal in place with Beeline, another Russian mobile company.

Anna Washenko