Annotation Website Genius sold for $ 80 million

The popular hip-hop website Genius is well known for its innovative annotations. But now the site has been sold – at a loss – for $ 80 million!

If you’ve ever needed to know the lyrics to your favorite rap song, you’ve probably been to the popular Genius site.


While there are many sites that share song lyrics, the Hip-Hop nerd team on this platform breaks down the meanings of hits from complicated thinkers like Andre 3000, Tyler, the Creator, and D Smoke and gives a backdrop for street slang from artists like Migos, Pop Smoke and Kash Doll.

Today, music annotation startup Genius Media Group Inc sold its assets for $ 80 million to MediaLab.Ai Inc., a Santa Monica company,
Californian media holding company.

According to Bloomberg, the sale price was lower than the total amount raised by the company since its inception in 2009.

##>

With the sale to the bigger company, a lot of people were made redundant.

In a statement, the new owners said, “We are restructuring the way original content is produced at Genius and as part of that, some very talented people in the content and production teams have been laid off.”

Although the staff have been laid off, Genius executives believe it is a good move.

Tom Lehman, Co-Founder and CEO of Genius said, “MediaLab’s commitment to investing in artists and fan communities makes it the perfect partner to propel Genius forward. We are extremely grateful to everyone who made Genius what it is today.

Genius will join others in the MediaLab portfolio like Worldstarhiphop, Kik, Whisper and DatPiff.

The new buyer sees a great future for the company, adding in the statement, “The scale of the community platform is what attracted us to Genius and this is where we will invest heavily in the future, with a renewed emphasis on emerging artists.

For more than one sale, click here.















Source link

Leave a Reply

Your email address will not be published. Required fields are marked *