Buzznet Gets Investment From Interscope-Universal Music; Buys Stereogum; Acquisitions Coming?

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Pop culture-focused social media site Buzznet, based in Los Angeles, has raised a big-ish third round of funding, as much as $25 million, we have learned, and that Universal Music-owned Interscope has invested a few million in it. We haven’t been able to confirm the other investors, but last year the company raised about $6 million led by Redpoint Ventures and Anthem Venture Partners. The previous investors might have put some of the new money as well.

The site

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Annie Me

Never mind competing with myspace, buzznet needs to get some traction to take it past imeem which is twice the size of buzznet and has all 4 of the major labels on board. If they can beat imeem then they can look to myspace, but not before then.

Marina

I don't know too much about Buzznet, but from this article I might research further on my music blog (i posted it if you want to check it out!) that I'm writing as an ongoing assignment at school. I disagree that Buzznet can't compete with myspace. Myspace hasn't even been around for that long, if something better like Buzznet came around I'm sure many people would have no problem leaving Myspace behind.

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