Chris Fralic, a partner at the NY office of First Round Capital spoke yesterday at the New Music Seminar’s tech summit near Union Square. Fralic discussed both the successful digital media companies he has backed, as well as those that did not survive. According to Xconomy, however, Fralic gave a “cautiously optimistic outlook on the future of the space.”
According to Xconomy though the media industry took a hard hit with the start of the digital age, demand for music keeps the market alive. In NY especially, given the presence of major record labels, studios, and venues, as well as the growth of local tech startups, Fralic said that it is natural to see entrepreneurs creating music based companies and finding investors willing to fund them.