A source close to the company tells us that Qloud, the music application maker backed by Steve Case, has been sold to Buzznet for a “little over their last round valuation.” This [img src="" caption="" credit="" alt=""]news comes on the heels of Buzznet raising a rumored $25 million in fresh funding, first reported yesterday by Rafat Ali of PaidContent.
Qloud makes the “My Music” application on Facebook (with similar products on Bebo, Friendster, and hi5), which has 1.8 million installed users, according to Developer Analytics. The service offers free streaming of music and videos on your social network of choice based on your favorite artists and iTunes playlists, and also lets you see what’s popular amongst your friends.
As you can see in the stats below, the vast majority of Qloud's users fall into the teen-thru-twentysomething demographic that the pop culture social network Buzznet also targets. However, it is worth noting that only about 1% of My Music's users are considered "daily active users."
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In addition to Steve Case, Qloud is backed by a number of high profile music industry veterans, including Chris Blackwell (Island Records), Paul Vidich (Warner Music), and Tom Ryan (EMI).