Kanye West Invests in Music Sharing Site, Turntable.fm
Look out, Justin Timberlake! There could be some new musicians-turned-Internet moguls running this town (remember his MySpace investment?). Kanye West and Lady Gaga are joining forces to save Turntable.fm. The high-profile investors have teamed up with Union Square Ventures to provide the invite-only social network with $7.5 million of much needed aid.
There have been some doubts on whether the website's music sharing capabilities are even legal, but the involvement of the music industry's top stars could beef up the site's rep and secure its survival.
Could this be the new trend? Earlier this year, Justin Timberlake invested in MySpace. Meanwhile, Lady Gaga has gotten cozy with Apple mastermind Steve Jobs and gleaned him for some Internet biz wisdom.
For those not familiar with the social network site, Turntable.fm centers on listening to music with others, giving a "thumbs up" to favorable tracks and earning "DJ points," which win users avatars in the form of colorful animals and weird shapes.
Will this Gaga-on-'Ye venture be more successful than their planned but canceled joint tour?