Neil Young’s PonoMusic Raises $1.4 Million in One Day

pono Neil Youngs PonoMusic Raises $1.4 Million in One Day

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Yesterday, Neil Young officially unveiled his long-developing music player and service PonoMusic at SXSW. Focused on sound quality and enhanced digital formats, Young’s project is seeking to take the spotlight away from .MP3 by bringing the digital audio experience to a format more faithful to the studio sound. PonoMusic is the music player that will allow fans to store these high quality formats, putting it in direct competition with Apple, Spotify, and every other music purveyor on the market.

Evidently, Young isn’t alone in his endeavor either. After launching yesterday, it was revealed today that PonoMusic has already raised $1.4M on its Kickstarter page, setting a strong foundation for the company in its early stages.

Compounded with the its technological edge, could this financial boost be enough to spell out success for PonoMusic? It certainly doesn’t hurt.

Update: As of 8:45pm ET, the Kickstarter has already amassed over $2 million in pledges. Well damn.

(CNN Money)