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AmieStreet, the music discovery and promotion site, has gotten a Series A round of financing led by Amazon. The financial terms of the investment were not disclosed.
The unique approach of a combined digital music store largely influenced by its own social network is probably very appealing to the executives at Amazon, considering the somewhat passive approach it has to the inclusion of user-submitted content. AmieStreet's recommendation system is rather incentivised as well, rewarding users that promote songs that rise in price, thus becoming more valuable within the network, and hopefully outside of the network as well. Amazon's own recent announcement for plans to add digital music purchases to its suite of options makes AmieStreet's funding all the more interesting.