The Yonder and Beyond Group, a technology accelerator, has bought a stake in the US-based social media music application PlayMeet, which is associated with the Estate of Michael Jackson.
The deal is for a $1 million payment for 10% of PlayMeet. Yonder also receives a $25,000 per month contract to run the technology and product development for the app.
PlayMeet allows users to create profiles based on their musical interests and then find and interact with others who have similar musical tastes.
The app enables various social communication scenarios including song, lyric and interest sharing, messaging, concert invites and in-venue song dedications via digital jukeboxes in more than 60,000 locations powered by TouchTunes.
The stake is the latest in a series of digital acquisitions for Yonder. Last month it acquired a 45% stake in new Western Australian mobile network operator MeU for $400,000. That deal also included a monthly service fee of $22,500 a month to Yonder.
Other Yonder properties include Boppl, a mobile ordering platform, recruitment solution PrismDigital, and a social media platform in Myanmar, MySquar.
Yonder CEO Shashi Fernando says PlayMeet offers a next generation social music experience with global appeal.
Under the deal, PlayMeet, which was created as collaboration between JMPM Properties and The Estate of Michael Jackson, is being spun out into a standalone and independent entity.
Shares in Yonder, which last month completed a backdoor ASX listing through Quintessential Resources Limited, are trading 5% down at $0.19.