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Garageband Is Back!
Website: http://www.garageband.com/ Garageband Announces New CEO and Business Strategy; Company Officially Re-Opens Doors for Business SAN FRANCISCO--Sept. 23, 2002--Due to the overwhelming loyalty of its membership, Garageband Records (http://www.Garageband.com) has officially re-opened its doors for business, the company announced today. Garageband also announced that Ali Partovi, a successful grass-roots entrepreneur whose last venture, LinkExchange, was sold to Microsoft Corporation for $265 million, has joined as CEO. Mr. Partovi will spearhead the company's strategic shift towards offering premium services to its core community. Brief History Founded in 1999, Garageband quickly became one of the web's most popular destinations for emerging musicians and music lovers. The company's peer-review system offered musicians a unique opportunity to get feedback and exposure for their songs and allowed music lovers to discover exciting new artists in virtually every genre of music. Despite the success of its free service, in February of 2002 Garageband closed its doors because it couldn't sustain its business as an independent record label. Thousands of passionate fans and musicians expressed their dismay at the closure and offered to help the company get back on its feet. Back in Action Encouraged by the overwhelming response, a group of die-hard Garageband employees and members secured enough funding to purchase the popular service and bring it back to life with a new business model. Mr. Partovi, a primary investor, was brought on board to head the new company. Garageband's new management will maintain the grass-roots community and focus on the company's core mission: to empower independent musicians and help people discover new music. The company will develop new revenue streams by marketing premium services for music fans and for musicians who seek more exposure. About the New CEO Mr. Partovi has a successful track record in running grass-roots ventures. Mr. Partovi was a co-founder and senior executive of LinkExchange, a start-up that helped small businesses in their struggle to get more web traffic and build revenue. LinkExchange rapidly became the web's most popular small business portal and was acquired by Microsoft in 1998, providing investors with a 20x return on investment. "With LinkExchange, we knew we'd hit on something of value when our membership grew from zero to 100,000 in our first year," said Mr. Partovi. "What attracted me to Garageband was its similarly astonishing growth and the passion of its members. I'm thrilled to join a company that strikes such a strong chord with hundreds of thousands of music lovers and artists around the globe." Mr. Partovi has worked at Microsoft and Oracle and has provided strategic consulting to various companies including Google, Overture, Yahoo! and PayPal. Mr. Partovi also co-founded DrinkExchange, a grass-roots networking community with regular social events worldwide. Mr. Partovi is an amateur guitarist and Garageband member. About Garageband Records Garageband Records is the world's largest community of emerging musicians and the world's largest online music contest. The company's mission is to empower independent musicians and help people discover new music. Garageband's ongoing music contest identifies the best new songs by thousands of emerging artists in every genre. Garageband, like "American Idol," lets real listeners determine which music is best. The company offers music lovers a convenient service for discovering new songs, and helps bands in their struggle to build an audience and get discovered. ###
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