Well, statistics-wise it was likely to happen – the NY Angels group passed on pursuing an investment in rVibe. Their rationale is one we hear about the space in general: too competitive, too hard to compete against iTunes.
This type of feedback is common for investors who are not familiar with the space. While it’s true that online music/social networks markets are crowded, and it’s not an “easy” market to enter, there are a lot of “me too” services out there – and we believe there is a lot of opportunity for a well differentiated service – which we have.
So, we keep on it – we have a number of other investor screenings lined up over the next two months.