SFU-rooted startup acquired by CBS Interactive Music
Integrating a wildly successful Burnaby-based start-up with one of the world’s largest entertainment companies is music to the ears of Simon Fraser University’s entrepreneurship community.
MetroLyrics.com, the most comprehensive database of music lyrics in the world with longstanding roots at SFU, along with its company assets, is joining the properties owned by CBS Interactive Music Group. The website is the flagship property of MetroLeap Media Inc., a start-up co-founded by SFU Beedie School of Business undergraduate student Milun Tesovic and EMBA graduate Alan Juristovski. Both are active participants in SFU Venture Connection, which provides support to student entrepreneurs at the university.
With words to more than 700,000 songs, the MetroLyrics site generates over 25 million unique users a month across the globe, with nearly 12 million of those in the United States alone. CBS Interactive Music Group said the MetroLyrics deal will help it expand its audience and create additional revenue sources.
“Lyrics have been one of the most searched keywords on the Internet for several years,” says Juristovski. “We have realized the power of lyrics and built the most trafficked lyrics website in the world. Integration with CBS Interactive Music Group will provide consumers with an enhanced music experience, while allowing MetroLyrics to aggressively pursue laser focused innovation relevant to our core product.”
In 2008, Tesovic was named SFU Student Entrepreneur of the Year, which led to further acclaim at regional, national and global competitions. Along with the title, Tesovic gained entry for MetroLeap Media Inc. as the inaugural client in Venture Connection’s early-stage incubator, VentureLabs. Although MetroLeap was already a success, Tesovic and Juristovski made use of VentureLabs mentor services to provide an outside expert review, receiving exit strategy and other advice from mentor-in-residence Jim Derbyshire.
Both Tesovic and Juristovski continue to be active supporters of SFU Venture Connection and SFU Beedie, participating on competition juries, workshop panels, and as guest speakers.
"The MetroLeap team provides continual inspiration to VentureLabs participants, as well as to the larger SFU community,” says Janice OBriain, SFU Venture Connection manager. “Milun and Alan’s story – that of a passion for music leveraged by strategic insight and perseverance – is one we model to other young SFU entrepreneurs.”
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