OurStage is a music discovery website that plugs itself as an “online American Idol.” The company has raised about $3 million out of a planned $6 million round of funding. Thus far the company raised $20 million total.
OurStage CEO Ben Campbell said that the company should be profitable by 2010. And former Sony Music CEO and Chairman Don Ienner recently joined the OurStage Board of Directors.
OurStage allows indie artists to upload music in order to build fans, similar to MySpace. OurStage users can also set up clubs and venue information. Fans can also rate the music uploaded by artists.
OurStage shares revenue from the tracks with the artists. Another revenue stream OurStage has going is display advertisements. AOL’s Platform-A division is responsible for OurStage’s display advertising. AOL Music also has a deal in place with OurStage.