BenchMark funding hacked iPhone startup?

Seems Benchmark knows something about investing in companies that directly service the 'Jail Broken' iPhone market.

TechCruch reports from a source, that BenchMark Capital's Israeli fund is putting up an undisclosed amount of money into TuneWiki - a company which according to its own web site "delivers song lyrics synchronized to the music playing on a PC, an Apple iPhone/iTouch, or a variety of other music-enabled mobile phones".

Now, I must be missing something, but, is there really a business model around delivering lyrics to mobile users? Are people really wanting to read lyrics while listening to songs, walking down the street, or god help us, driving?

I can already see the police accident reports:"Ah officer, sorry I was trying to read exactly what Britney Spears says in the chorus, I swear I didn't mean to run into that light post!"

An interesting news announcement on the TuneWiki site states the following:

Breaking news

We are happy to announce that our good friends at Universal Music Publishing Group sent us a letter, telling us that they will permit our community to legally view all the Universal Music Publishing catalog of lyrics in North America.

This is our first such permission, and we work very hard to obtain more permissions, on our community's behalf.

Thank you, Universal Music!

This is an accomplishment of sorts I guess. Anyone with a quick Google search can easily find the lyrics to any song right now. Aside from IP ownership issues and being granted permission to actually legally show these lyrics as part of a paid service, not sure what the real business model here is. Would you pay to receive these lyrics on your phone? Are they going to monetize by delivering advertising as as part of the service?


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