I am tuned UP is getting involved in a revolutionary business model. Wahooly is an internet startup that has built a userbase of around 28,000 that will receive small pieces of equity in exchange for participation in fledgling startup companies. Given SEC rules, this isn’t a literal piece of equity but instead a right to a share of the profits given a buyout, repurchase of shares, or IPO of any of the startups in a user’s Wahooly portfolio. The music industry is taking notice of this crowdfunding approach, and the first related startup being introduced to the Wahooly platform is Cull TV. An explanation can be found below:
…Cull TV is attempting to reboot music television by leveraging leading recommendation and web data mining technology to helps anyone discover relevant, emerging talent through music videos. Currently experiencing a renaissance, music videos are the most popular way to distribute and consume music online, so Cull TV wants to give users a new and better way to discover artists.
I am tuned UP has pledged social capital in Cull TV, and will review it over time and report on how its support evolves. Given the plethora of music videos out there receiving next to no exposure, and the popularity of the Pandora radio model I think this could do well. I’ll be curious to see how the company expects to turn a profit and grow. Stay tuned!