Wireless - Tuesday, August 9, 2005
Amp'd Mobile - Profile
HQ: Los Angeles, CA
Founded: 2005
Management: "Only 38 years-old CEO Peter Adderton is a internationally recognized as one of the foremost authorities on youth marketing." It's a pretty cheesy lead sentence for his bio, but Adderton's record is indeed impressive. He founded Boost Mobile and built that into a $500M in revenues. He grew another company, PPW, to $100M in annual revenues.
Investors: In August 2005, Amp'd Mobile raised $67M in venture funding from Universal Music Group, Highland Capital Partners, Columbia Capital, and Redpoint Ventures. The venture deal calls for Universal Music Group to provide content from its key artists.
Business Model: Amp'd will launch a private labeled 3G cell phone service targeting kids. Amp'd will differentiate its service by enabling subscribers to build their own handsets on its Web site, making available a number of different designs, colors and accessories. Handset partners include Kyocera on the low-end and Motorola. It will also bundle games, music and other cool software.
Dirt: Amp'd represents a big shift to thinking of telco companies as branded entertainment providers. People generally hate their wireless telcos, and Amp'd hopes to become a huge success if it can make users passionate subscribers. It's similar to what MySpace has been doing to social networking by attaching celebrity and music pizzazz to a boring old social network. $67M out the gate is an impressive amount that can only be justified by the prior success of CEO Adderton and by the size of the market.
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