AmieStreet.com Marks Year of Strong Growth with Launch of New Website and Kicks Off Series B Financing

AmieStreet.com Marks Year of Strong Growth with Launch of New Website and Kicks Off Series B Financing

NEW YORK, Oct. 15 /PRNewswire/ -- AmieStreet.com, the fast growing online music retailer, launched a new website today, unveiling a new look and user interface plus a number of new features.

"The new design and features are driven by extensive "voice of customer" research and are geared to making music discovery easier and more personalized," said Elliott Breece, co-founder of AmieStreet.com. "We've had strong customer growth due in large part to the popularity of our unique community driven pricing model. We're excited to now be able to leverage a brand new web site and music discovery experience to really accelerate that growth."

The new AmieStreet.com comes a year after announcing a strategic investment by Amazon.com. During this time, AmieStreet.com has increased the size of its music catalog more than ten fold, from less then 100,000 DRM-free mp3s to over 1,000,000 and increased the number of employees from 5 to 21.

As the site's music catalog has grown, so has its ability to attract new customers, and building on this strong customer growth, AmieStreet.com is raising its Series B round of financing, with strong participation from existing investors.

In just the last three months (July-September), AmieStreet.com has grown its customer base by an average of 18% month over month, while continuing to maintain an average annual spend of $30 per customer.

AmieStreet.com has also reversed the industry-wide trend that has consumers buying fewer and fewer albums, opting to buy more singles instead. It's unique pricing model, where songs are priced from free to 98 cents based on consumer demand, has led to an increase in album sales versus single song purchases. For 2007, the ratio of all digital songs sold to digital albums sold was 17:1, according to the industry's leading trade organization, the IFPI. AmieStreet.com has an album to song ratio of 1:1.

About AmieStreet.com

AmieStreet.com is the first digital music store to leverage community-driven pricing and social discovery tools to make buying music fun, easy and social. Founded in the Spring of 2006, AmieStreet.com is a site where the community determines the price of songs, which start out free and rise in price the more they are purchased. For recommending songs that subsequently rise in price, AmieStreet.com rewards its members with free downloads. Amazon.com led Amiestreet.com's Series A round of financing in August 2007. The company is located in New York City.

Contact: Zane Groshelle, 718-482-8307, zane@amiestreet.com

Source: AmieStreet.com

CONTACT: Zane Groshelle, +1-718-482-8307, zane@amiestreet.com

Web Site: http://www.amiestreet.com/

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