Glastonbury music streaming service firm Raditaz, which is led by several entertainment industry veterans, has merged into a public shell company in New York that will help it launch the first full version of its web and mobile platform, it announced.
Raditaz is now a subsidiary of Duane Street Corp., and intends to change its name to CÜR Media.
Duane Street raised $4.1 million from accredited investors prior to the merger that will help CÜR commercialize its product.
The company is led by CEO Thomas Brophy and also includes John A. Lack — a founder of MTV, Nickelodeon, ESPN2 and The Movie Channel — and Bob Jamieson, former CEO of RCA Records.
Raditaz launched a beta Internet music streaming service in 2012 that combines elements of market leading platforms Spotify and Pandora. Raditaz said 150,000 users tested the service.
The service, which will now be called CÜR Music, has since been taken offline. Its website says the development team is going underground to develop a “bigger, better, world-class music product.”
CÜR plans to relaunch in the fourth quarter, it said today.
Brophy wrote in a 2012 blog post that CÜR Music boasts a catalog of 14 million songs, which is well above Pandora’s roughly 1 million tracks.
Connecticut Innovations invested $150,000 in Raditaz in 2012.
