BANGKOK (04/10/2000) - Been to a local bar lately and heard a great band you thought could go further? The search is over now, as startup company Xudio.com can store online music from artists that may never have a chance with Sony, EMI or any of the other big recording studios.
"We are very encouraged by the tremendous response from Asian artists, with over 500 songs being posted in the first month of operation," said Newton Chang, chief executive officer at Xudio.com. "We expect to see the same enthusiastic response here in Thailand due to the large numbers of artists in this country."
The site, which has been up less than six months, is already attracting lots of traffic and to offset the negative response of not being able to accommodate so many users at once, the Xudio.com lads went to meet venture capitalists to secure funds to grow the back end of the business.
"We had to get some venture capital from (Singapore portal) Catcha.com, Daiichi Berhad, a local Malaysian company and a New York-based firm. In all we obtained 74.2 million baht (US$1.95 million), with Catcha.com pumping in some 54.5 million baht in resources and technology. This, without a doubt was the hardest thing to do in getting the business up and running," added Chang.
Delivered in MP3 format, the music at the site is categorised by music type and users only need navigate a few pages before listening, something the Xudio.com owners and users wanted. From a single office last November, the company now has facilities in six Asian capitals and plans to take the site multi-lingual this year too.
"We're targeting indie pop groups in the region and the people that follow them. We are the only site today here in Asia that can offer an alternative platform for Asian groups. Since we went online we've had more than two million visitors to the site and we hope to have an e-commerce back end online soon so that artist can sell their music online," said chief marketing officer, Alex Sootho.