PONO Raises Another $5.5 Million, Says They’re Worth Over $50 Million…

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After taking over as CEO of Pono last month, one of Neil Young’s first big moves is launching another crowdfunding campaign.

PonoMusic has a campaign going on Crowdfunder. They are accepting investments of at least $5,000 in exchange for equity. So far they’ve raised $5,592,700, passing their current goal of $4,000,000.

Pono says the company was worth $50,000,000 prior to this round of crowdfunding. Their Kickstarter campaign, which was funded in April 2014, raised $6,225,354.

The Crowdfunder campaign closes on September 1st.


Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u

8 Responses

  1. TuneHunter

    Incredibly amazing!
    I wish he would invest just time in my vision of $100B music industry.

    • FarePlay

      Enhanced audio may be our best shot at driving some much needed additional revenue into the music biz. Apparently, Apple has acquired significant additional streaming bandwidth for yet undisclosed purposes.

      Beats Music, perhaps?

      • danwriter

        Beatles 2.0 is your best shot for that. Do you think people will pay more to hear Katy Perry or Coldplay in a higher-resolution format? I think not. Worry about the quality of the music, not the sound.

        • FarePlay

          Can’t worry about the quality of the music, unless you’re willing to pay the artists. Still, there are great sounding, quality records coming out every day. Rosanne Cash’s new record produced by John Leventhal sounds awesome. But then again it’s Americana Music if you care for that.

          There’s still great music being made, the problem lies with the lack of diversity in what we hear on the radio, nobody’s willing to take a chance. Echo nest for f… sake. It started in 1996 with the Telecommunications Act and the resulting consolidation of terrestrial radio and with the exception of a few bright spots, it’s been all downhill from there.

          People buying single downloads and never hearing the truly great songs, because besides me and a few others on here who buys albums? A tag line hammered by pirates as another justification to download stuff without paying for it. Stick it to the man who made me buy a whole CD for one song. Well I don’t know about you, but there are very few albums I own with one good song.

          My guess is most of the twenty somethings have missed the really great music, because many of them believed that albums were a rip off. If I consumed music that way I wouldn’t know shit about music either.

          Like everything, people are impatient; they want it right now. Great example. I bought the Mojo CD by Tom Petty when it came out. I think I listened to Pirates Cove, pardon the irony, about 30 times because nothing else jumped out at me. So, I’m going to see Petty in a couple weeks and decided to pull it out and put it on my car’s CD player. Love the sucker, there’s a ton of great stuff on there. In fact I can’t stop listening to it.

          Steve Winwood’s opening and awesome in his own right. I got a bunch of Traffic and Winwood LPs and CDs. You like Eric Clapton? There’s a song on Winwood’s latest CD, Nine Lives, Clapton plays on a track called Dirty City. Best thing Clapton’s recorded in the studio in twenty years. It’s unbelievable; it burns the track down.

          I buy artists, I usually don’t just buy songs.

  2. Willis

    From the start, I knew this was a bad idea. They’ve taken in millions of dollars in orders, but have yet to ship anything…and now need more money. Something smells bad here. Prepare for investors to lose their money and consumers to be disappointed.

  3. Jabsco

    They can be worth as much as they want to be, it won’t change the fact that the company is built around a product that no one needs.

    • Anonymous

      And we all know that no one in America ever buys anything they don’t need. I mean, who the fuck would ever do that?

  4. Kara Adams

    Great read thanks for sharing! Crowdfunding is another effective way to easily raise funds and more people are benefiting from it everyday. Check out crowdfunding platforms like http://www.plumfund.com/ to learn more about its benefits.