Posse.com receives over $700k in government funding
Music fan website Posse.com has secured a $758,000 grant from the federal government as part of $13m in funding announced by minister for innovation Senator Kim Carr.
The announcement:
March 16, 2011 –
Music fan affiliate program Posse.com received a major leg-up this week, securing a $758,000 grant from the Federal Government. Announced by the Minister for Innovation, Senator Kim Carr, the grant will see Posse, along with 33 other companies, receive a total of $13 million in Government funding.
The Government’s flagship for initiative for Australian entrepreneurs, Commercialisation Australia, aims to assist in the commercialization of innovative early-stage companies with high growth potential. It will see funding allocated to a variety of local inventions including a drug to treat learning and memory loss, an additive to reduce carbon emissions from cement production, and a greener hot water system.
Posse will use the grant to continue to develop it’s platform and launch in the US and UK. A customisable, self-service version of the website will launch in May and will enable artist managers, event promoters, venues and music marketers to set-up and run their own team of people to promote their products. It’ll be a simple online street team that encourages fans to promote artists through their social networks, directs people into the existing retail websites (eg. Moshtix / The Music Shop) to buy and rewards the fans.
Posse Founder and CEO Rebekah Campbell said, “We’re thrilled to receive this grant from the Federal Government. This funding will enable Posse to continue to test and develop features that help artists empower their fans to advertise their music and events. I’m at SXSW right now and there is nothing like Posse here in the US. Ourvision is to convert fan conversations on social networks to actual sales, and assist with audience development for the artist”.
Since launching last August Posse has signed up over 8000 active fans and transacted over $165K in ticket sales in February. Artists and events currently using Posse to empower their fans include Future Music, Supafest, Oh Mercy,Creamfields, Dead Kennedys, Jimmy Eat World, House of Pain, Alpine, Little Stevies, Unwritten Law and more.
Source: Revolutions Per Minute press release
