They closed with a total financing of $4 million. In August 2014, PonoMusic turned to Crowdfunder to raise more equity. In June 2014, Young assumed the title of CEO of Pono Music. PonoMusic raised $6.2 million via pre-orders for the player by the end of the campaign. On March 12, 2014, the company with the help of Alex Daly and her crowdfunding consultancy Vann Alexandra, launched a successful crowdfunding campaign on Kickstarter that surpassed its target in one day. major labels prominent independent labels." using the FLAC audio file format. Young claimed that Pono would provide ".the finest quality, highest-resolution digital music from. In September 2012, Young appeared on the Late Show with David Letterman with a prototype of the player, and confirmed backing from Warner, as well as major record labels Sony, and Universal. Pono reportedly had backing from, and had signed a full agreement, with Warner. The name was derived from pono ( pronounced ), a Hawaiian word for "righteousness." PonoMusic was founded in 2012 by Young, along with Silicon Valley entrepreneur John Hamm as the company's CEO. "My goal is to try and rescue the art form that I've been practicing for the past 50 years," he said. Writing in his book Waging Heavy Peace, Young expressed concern about digital audio quality, criticizing in particular the quality offered by Apple's iTunes Store. In April 2017 it was announced that Pono was discontinued, and alternative plans were later abandoned. Pono's stated goal to present songs "as they first sound during studio recording sessions", using " high-resolution" 24-bit 192kHz audio instead of "the compressed audio inferiority that MP3s offer" received mixed reactions, with some describing Pono as a competitor to similar music service such as HDtracks, but others doubting its potential for success. Production and shipments to backers started in October 2014, and shipments to the general public began in the first quarter of 2015. It was developed by musician Neil Young and his company PonoMusic, which raised money for development and initial production through a crowd-funding campaign on Kickstarter. Pono ( / ˈ p oʊ n oʊ/, Hawaiian word for "proper") was a portable digital media player and music download service for high-resolution audio. Failed high-resolution audio download service Pono Music
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