I'm not a huge fan of the founders or the overall biz model (if there was one) but when they raised a bunch of money they did have pretty solid traction with users and that can sometimes be enough for VCs to take a gamble. $15m was entirely too much money. But that was a particularly frothy time. I don't think that deal would get done today.
They raised $56.8 million at a valuation of close to a billion dollars for a site that at the time was basically a lyrics site with not bad UI and SEO.
Not bad UI, but I wouldn't call the site good UI by any stretch. It loads fast and is simplistic, two things I appreciate, but it definitely lacks something. And whats with that logo?
