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Digital
MOG not for sale, says boss
By CMU Editorial | Published on Wednesday 29 February 2012
The boss of US-based streaming music service MOG has denied reports on C-Net yesterday that the company is struggling and is actively looking for a buyer to take it over.
David Hyman told Reuters that while he was always “engaged in conversations with our shareholders about all possible options”, he was not proactively shopping the company at the moment. It’s not clear exactly how well MOG is doing, though obviously no one is making money out of streaming music services yet. Certainly Hyman’s previously promised global expansion, including to the UK, hasn’t yet materialised, though rushed expansion isn’t necessarily a sensible strategy in a tricky, loss-leading market.
Various reports reckon MOG has so far raised $24.9 million in investment, and that among its investors to date, both Universal Music and Sony Music are minority partners.
