Business Insider is reporting that Lady Gaga and Kanye West are both investing in New York-based startup Turntable.fm. They’ll reportedly be contributing to a $7.5 million financing round that’s being led by Union Square Ventures, which recently gave Turntable a $37.5 million valuation.
So what is Turntable.fm? It’s a music-based social network in which members can create avatars that perform as DJs, spinning tunes from the user's computer songs for other users. Other members vote on whether any given DJ's selections are “awesome” or “lame,” and avatars get DJ points based on how many “awesome” votes they accumulate.
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