Less than a year after launching Pono via one of the most successful Kickstarter campaigns in history for Neil Young's portable PonoPlayer and its accompanying download service, PonoMusic, the legendary singer/songwriter has released a statement asking for financial help. He went on his Facebook page to provide a long-winded recap of how the business has been faring and he said it's a "delicate time" for his company. He also provided a reaffirmation of Pono's mission and said that any platform that gives listeners a lower-resolution experience than his is doing its customers a disservice.
Young begins the post by writing, "Pono is a labor of love." He then details how Pono is a "little company" in an industry where its competitors are all major corporations. He names each of his business partners and provides accounts of their dedication and the services they provide. Such companies include labels like WMG, Sony Music and UMG. SalesForce.com provides Pono's "community platform," which Young compares to the experience of "walking around a record store talking to fellow music lovers and listening to music."
After breaking down the partnerships with several other companies across the world, Young addresses much-needed potential investors. "Many ideas have had great starts at Kickstarter and yet have been unable to form a working company and deliver. The real world is challenging. But Pono has done it," he said, speaking on Pono's continued existence ten months after it's $6.2 million Kickstarter campaign.
Apparently Pono is working with just one venture capitalist and is still without a "proven business leader at the head of our company." The PonoMusic store is currently only available in the U.S., and Young says that a "lack of resources" has barred the company from expanding. The music store will expand into other countries "as soon as we have the funds," Young maintains, and he names Canada, Great Britain and Germany as the next countries on the list whence proper funding is received.
Despite the uncertain future, Young is confident that his goal of freeing music "from the constraints of the low technology from the dark ages of music media" is alive and bigger than ever. He finishes the post by writing, "Music is love and Pono is music."
Earlier this year, Yahoo ran tests on the PonoPlayer and determined that the average listener can't decipher and difference in sound quality. Watch Young give an in-depth talk on Pono below.
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