AmieStreet.com Announces Series A Financing Led By Amazon.com

AmieStreet.com Announces Series A Financing Led By Amazon.com

NEW YORK, Aug. 6 /PRNewswire/ -- AmieStreet.com, a fast-growing digital music store with a unique demand-based pricing system, announced today the completion of its Series A financing led by Amazon.com, Inc. (NASDAQ:AMZN). The amount of Amazon's investment and the terms are not disclosed.

"Amie Street has a very smart and innovative team," said Jeff Blackburn, Senior Vice President for Business Development, Amazon.com. "The idea of having customers directly influence the price of songs is an interesting and novel approach to selling digital music."

AmieStreet.com is the first digital music store propelled by social networking, where members of the community drive the discovery, promotion and pricing of music. All songs on AmieStreet.com start at a price of zero cents. As more people download a song the price rises, capping at $0.98.

For recommending their favorite songs to their friends, members are rewarded by receiving credit for the purchase of additional music on AmieStreet.com. The more popular a song becomes after a member has recommended it, the more credit he or she receives to spend on music.

The recommendation system brings the music discovery process and the dynamic of social networking full circle, giving members the incentive and the means to continually discover and share new music. AmieStreet.com is a music network where people's passion for music, and their desire to share it with one another, generates commerce that benefits the entire community.

"AmieStreet.com grew from the idea that we needed to make buying music social and fun," said AmieStreet.com's co-founder and CEO Elliott Breece. "The Amie Street community took over from there, driving a shift toward a music marketplace where consumers decide what is popular and what music is worth. We're thrilled to have Amazon.com's support in empowering music consumers."

Anyone can upload their music to AmieStreet.com, and all songs are downloadable in DRM-free mp3 format.

In conjunction with the announcement of its Series A, AmieStreet.com is debuting releases from Audio Bee, Daptone Records, Nettwerk Music Group, United For Opportunity (UFO), Dualtone Music Group, RoyaltyShare and INgrooves. As always, all songs start free!

About AmieStreet.com

AmieStreet.com is an online music destination that is changing the way people discover and buy music. Founded in the Spring of 2006 by then Brown University seniors -- Josh Boltuch, Elliott Breece and Elias Roman -- AmieStreet.com is a site where the members of the community determine the price of songs, which start out free and rise in price the more they are purchased. The site also rewards its members with downloads when they recognize and recommend tracks that rise in price, giving users an incentive to find and recommend good music first, while giving artists the platform to promote and sell their music.

Amazon.com Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, significant amount of indebtedness, inventory, government regulation and taxation, payments and fraud. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006, and all subsequent filings.

Contact:
press@amiestreet.comhttp://amiestreet.com/page/for-press

First Call Analyst:
FCMN Contact:

Source: AmieStreet.com

CONTACT: Joshua Boltuch, +1-718-383-0864, josh@amiestreet.com, or
press@amiestreet.com

Web site:

http://www.amiestreet.com/
http://amiestreet.com/page/for-press

-------
Profile: intent