An Internet start-up that wants to take talk radio onto the web announced last week that it raised $10 million. San Francisco-based Stitcher completed a funding round led by New Enterprise Associates along with a number of other venture firms. The company has now raised a total of $20 million.
The company’s program allows users to customize radio stations online by culling their favorite programs from a library of 6,000 shows. The service has seen a steady increase in users over the past year, quadrupling the time spent listening to Stitcher programming over that period. The service now has 3.4 million registered users.
CEO Noah Shanok said that his company will use the money from this most recent round of funding to refine its product and build its sales force. The program currently runs display ads and is in the process of incorporating audio ads. Shanok said talk radio in its off-line form generates $5 billion a year in advertising revenue.
Read more at CNN.
