PSound
05-28-09, 01:32 PM
Best Buy has launched a strategic equity investment fund to help bankroll digital media startups.
The new fund will invest in companies developing applications for digital music, video and gaming, personal media management, and “other areas that leverage the touch points and reach of Best Buy,” said Fuse Capital, the retailer’s partner in the venture.
Fuse, formerly Velocity Interactive Group, will also work closely with Best Buy on digital media strategies and will support the retailer’s existing digital assets, it said.
The latter include Napster, the music-download and streaming site that Best Buy bought last year for about $121 million.
“This partnership is another example of how we strive to be at the forefront of consumers’ entertainment and digital lives,” said Mike Vitelli, Best Buy’s customer operating groups executive VP. “We … look forward to working with [Fuse] to lead the market transformation in digital media.”
http://www.twice.com/article/CA6661242.html
The new fund will invest in companies developing applications for digital music, video and gaming, personal media management, and “other areas that leverage the touch points and reach of Best Buy,” said Fuse Capital, the retailer’s partner in the venture.
Fuse, formerly Velocity Interactive Group, will also work closely with Best Buy on digital media strategies and will support the retailer’s existing digital assets, it said.
The latter include Napster, the music-download and streaming site that Best Buy bought last year for about $121 million.
“This partnership is another example of how we strive to be at the forefront of consumers’ entertainment and digital lives,” said Mike Vitelli, Best Buy’s customer operating groups executive VP. “We … look forward to working with [Fuse] to lead the market transformation in digital media.”
http://www.twice.com/article/CA6661242.html