LOS ANGELES and TORONTO, April 10, 2012 /PRNewswire/ -- Intertainment Media Inc. ("Intertainment" or the "Company") (TSXV:INT / OTCQX:ITMTF / FRA"I4T) announced today a 20% ownership investment in Tunezy, Inc., a startup company featuring a disruptive social platform for the recorded music industry. This investment by Intertainment is yet another in a growing list of technology startups the Company is becoming involved in that are poised to deliver new modes of consumer engagement. Tunezy recently won an entrepreneurship competition held at the National Business & Technology Conference (NBTC), which helped validate the company's business model.
Tunezy is a direct musician-to-fan "social record label" where individuals can closely follow and help promote their favorite independent musicians. The company is a player in the $20 billion independent music arena that is primed for new ideas and revenue models given the new emerging trends in music and technology. Set to launch the private beta this summer, the site will provide a social platform where emerging musicians can grow their careers.
Tunezy competed against 32 startups across North America at NBTC and placed first overall. The event attracted over 80 startup teams and those that made it through the first cut presented their ideas and strategies to a judging panel of venture capitalists, executives, and fellow entrepreneurs. Tunezy won $5,000 in cash from KPMG, BlackBerry Playbooks from RIM, and $30,000 worth of advisory services from MaRS Discovery District, as well as news coverage in the Globe & Mail. A complete list of the competing teams and more information can be found at http://nbtc.nspire.org/entrepreneurship-teams.
In addition to its financial investment, Intertainment Media is providing Tunezy with multiple resources to ensure it attains fast and sustainable growth including office space, operational support and direct access to its executive team for mentorship and guidance on the company's direction, strategies and commercialization.
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