MetroLyrics, founded by BBA Milun Tesovic and EMBA Alan Juristovski, acquired by CBS Interactive MusicOct 06, 2011
The recent acquisition of a wildly successful Burnaby-based start-up by one of the world’s largest entertainment companies is music to the ears of Simon Fraser University’s entrepreneurship community.
MetroLyrics.com, the most comprehensive database of music lyrics in the world with longstanding roots at SFU, along with its company assets, have been integrated into CBS Interactive Music Group. The site is the flagship property of MetroLeap Media Inc., a start-up co-founded by SFU Beedie School of Business undergraduate student Milun Tesovic and EMBA graduate Alan Juristovski, both active participants in SFU Venture Connection, which provides support to student entrepreneurs at the university.
With words to more than 700,000 songs, the MetroLyrics site generates over 25 million unique users a month across the globe, with nearly 12 million of those in the United States alone. CBS Interactive Music Group said the MetroLyrics deal will help it to expand its audience and create additional revenue sources.
“Lyrics have been one of the most searched keywords on the Internet for several years,” says Alan Juristovski, “We have realized the power of lyrics and built the most trafficked lyrics website in the world. Integration with CBS Interactive Music Group will provide consumers with an enhanced music experience, while allowing MetroLyrics to aggressively pursue laser focused innovation relevant to our core product.”
News of the MetroLyrics deal is being applauded across Simon Fraser University.
“As we are with so many of our students and alumni who embrace and excel in entrepreneurship, we are extremely proud of what Milun and Alan have accomplished — both within the Beedie School of Business and beyond, by taking MetroLyrics to an extraordinary level of success,” said Daniel Shapiro, Dean of SFU’s Beedie School of Business.
In 2008, Milun was named SFU Student Entrepreneur of the Year, which led to further acclaim at regional, national and global competitions. Along with the title, Milun gained entry for MetroLeap Media Inc. as the inaugural client in Venture Connection’s early-stage incubator, VentureLabs. Although MetroLeap was already a success, Milun and Alan made use of VentureLabs mentor services to provide an outside expert review, receiving exit strategy and other advice from Mentor-in-Residence Jim Derbyshire.
“The SFU Innovation Office congratulates the entire MetroLyrics team. This integration is exemplary of the value generation that occurs through identifying an unmet market need, developing a clear vision, creativity, focus, teamwork and the support of experienced Venture Connection Mentors-In-Residence,” said Ian Hand of SFU’s VPR/Innovation Office.
Milun and Alan continue to be active supporters of both Venture Connection and the Beedie School of Business, participating on competition juries, workshop panels, and as guest speakers.
“The MetroLeap team provide continual inspiration to VentureLabs participants, as well as to the larger SFU community. Milun and Alan’s story – that of a passion for music leveraged by strategic insight and perseverance – is one we model to other young SFU entrepreneurs,” said Janice OBriain, SFU Venture Connection Manager.
Besides the co-founders, other members of the MetroLyrics team have strong roots at SFU. Based on his positive experience in SFU’s Executive MBA program, Juristovski encouraged his wife Radmila (now vice-president of sales and marketing at MetroLyrics) to enroll in SFU’s unique Management of Technology MBA. Michelle Bailey, Manager of Sales and Marketing at the firm, also graduated from SFU’s full-time MBA program.
Read more about the history of MetroLyrics at SFU:
MetroLyrics was the first lyrics dedicated site to provide users with the largest database of licensed, complete and accurate song lyrics and to compensate copyright holders for the content through its partnership with Gracenote. It is the flagship property of MetroLeap Media Inc., a Burnaby, British Columbia based company run by co-founders Milun Tesovic and Alan Juristovski, and a team of dedicated employees. Driven by the power of lyrics, MetroLyrics fosters conversation about music and artists with content that is socially engaging, relevant and current. For more information, visit www.metrolyrics.com.
About Venture Connection
Established in 2008, one of the key objectives of SFU’s Venture Connection is to inspire students and help create an entrepreneurial culture throughout the University. Through SFU’s VPR/Innovation Office, Venture Connection delivers workshops, speaker presentations, and competitions to attract and engage students in learning and practicing skills to build successful ventures. At the core of its programs is an early-stage business incubator, VentureLabs and associated mentorship programs. MetroLyrics marks the second VentureLabs client acquisition, the first being Layerboom in July 2010.
About the Beedie School of Business at SFU
Since the creation of Canada’s first Executive MBA in 1968, Simon Fraser University’s Beedie School of Business has emerged as a dynamic teaching and learning setting, and today enjoys a reputation for producing global-class research for the knowledge economy. The business school is internationally accredited by both the Association to Advance Collegiate Schools of Business (AACSB) and the European Quality Improvement System (EQUIS) – putting it in an elite class of global schools to hold both designations. The school is also signatory to the United Nations’ Principles for Responsible Management Education.
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