Jim Urie, the former head of Universal Music Group Distribution, has joined CÜR Media, a new digital music service, as executive chairman of the company’s board of directors and interim president/CEO.
"CÜR is a next generation music streaming service with the lowest price in the industry at $1.99 per month, properly compensating artists and providing new opportunities for the music industry," CÜR Media Founder Tom Brophy says in a statement on the news. The company describes itself as a next-generation social music experience, with plans to launch social music applications for mobile and web.
According to its website, the company began testing the service in early 2012 as Radiate, but took the product offline to enhance the platform.
In 2014, the company went public through the over-the-counter Bulletin Board and raised $9.6 million through a private placement. In 2015, it received a futher $3.2 million by allowing warrant holders to buy shares at a discounted price. Last month it drew $2 million in venture capital financing, led by Intuitive Venture Partners and Katalyst Securities.
While Urie replaces Brophy as interim chief, the announcement says the company is actively looking for a permanent president and CEO. Brophy will continue to have an active role in the company and will continue to be a member of the board of directors.
Urie led Universal Music Group’s distribution arm for almost 16 years, initially being brought in as the heir apparent to its then-head, Henry Droz. During his time at Universal, he helped bring several key independent labels like Concord and Big Machine under the Universal umbrella, as well as starting Fontana, which was merged into INgrooves.
"There is a tremendous opportunity to break new ground in the music streaming space, and I believe the CÜR Music offering is poised to do just that," Urie said in a statement. "Upon launch, we will be the first streaming service that brings new price points to the market and exciting ways for our customers to interact socially. I look forward to bringing this dynamic product to market."