SPOTLITE GETS SOME BIG COIN

Spotlite, a karaoke-social networking startup developed out of China, has earned $10m in funding from Sequoia Capital and BlueRun Ventures. Founders Ke Tang and jason Ma, interviewed by TechCrunch, said they plan to use the infusion for staffing, marketing and other growth.

The company has already struck deals with several major publishers.

In the app, users can select from a range of popular songs and record their own versions, which can then be submitted for community enjoyment. Listeners can then gift the singer with virtual currency ($5.99 for 599 "coins"), which is convertible to cash. This "gifting" model has gained significant traction in Asia.

Stay tuned.