iPhone music app developer Smule has raised $8 million dollars in new investment funding, reports VentureBeat:

I am T-Pain, developed with the popular hip hop star, overlays your singing with Auto-Tune technology, and has been downloaded 700,000 times. Ocarina, which transforms your iPhone into a musical instrument, has been downloaded 1.65 million times. Those are paid apps, by the way, and Smule says it’s on-track to reach $3 million in sales this year.

This is an impressive development for Smule - but it may be a sign of some broader trends in music:

• Mobile phones are becoming powerful computers, and Smule has demonstrated that there's an opportunity for companies to make a lot of money creating new types of music software for these devices.
• Inexpensive desktop music apps have driven down the costs of music production, but cheap mobile music apps could drive down costs even further.
• Smule's apps are built around connectivity and social networking. Desktop music apps are going to have to catch up or be left behind. 

Do you think Smule's success offers clues to the future of music technology?

via VentureBeat

James Lewin
Twitter @podcasting_news

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