Dell announced today it has signed an $8.5 billion investment deal with Digital Foundry to build and operate an incubator for digital music production.
The Dell investment will bring Digital Foundr to over 500 companies and create an incubation hub for the digital music industry in the United States.
The incubator will work with some of the most innovative companies in the field of digital music creation.
Digital Foundries founding partner, former Apple CEO Steve Jobs, will also lead the incubator and its board of directors will include executives from Dell, Apple, Facebook, Amazon, Google, Spotify, and others.
The digital music market is expected to be worth $14.5 trillion by 2020.
“This is a historic moment for our industry and a moment that will transform the way people listen to and consume music, creating the world’s largest digital music marketplace,” said Dell CEO Mark Fabiani.
“Dell is committed to investing in the music industry to ensure that its products and services can drive the next great music revolutions.”
The Digital Foundrs will provide a place for innovators and startups to showcase their latest ideas to investors.
The first round of funding comes after the company announced earlier this year that it had secured $7.9 million in additional funding from venture capital firm Greylock Partners.