The two superstars are reported to have contributed to a $7.5 million (£4.6 million) financial pot for the business venture according to Business Insider via Pitchfork.com. New York investment firm Union Square Ventures have also invested a large amount of money in the site.
Back in June Turntable.fm hit legal problems and was forced to close its service to users outside the United States. As of today (August 5), it is still not possible for people based in the US to sign up to or use the service.
Turntable.fm is essentially a music streaming service which allows multiple users to interact with each other and offer opinions on each others’ music in private DJ rooms. Each room has up to five DJ slots, and users take it in turns to play a song, while listeners rate them as ‘awesome’ or ‘lame’.
The service is said to be as revolutionary as Twitter or Foursquare by influential gadget blog Techcrunch and has already seen a number of celebrity sign-ups, including ‘Baby’s Got Back’ star Sir Mix-A-Lot.