I have already initiated the search process to replace myself as CEO of Music Xray. It’s time. I’m not going anywhere. I will remain as chairman and will continue in a key executive roll after the hand-off.

We’ve obtained much of the funding we need to get the job done and while I’m confident we can do it with our current team, I believe Music Xray could use the skills of a seasoned entrepreneur/executive in this space who has previously taken a company from our current stage through a successful exit. There are a few in my network to whom I’m reaching out and we’re also meeting new people. There’s no rush but sooner is better than later given all we have to do in 2011.

We launched our new site out of beta on January 20, 2010 at MIDEM and since then Music Xray has grown very quickly. As an example, our opportunity emails were reaching about 12,000 artists in January. Today, just ten months later, that number approaches 200,000. Traffic and revenue have been growing too and we’ve gone from a team of three to a team of 12 people – soon to be more.

Over the same period, we’ve gone from hosting a few dozen opportunities to hosting thousands. Top music industry professionals at major and independent labels use Music Xray to source songs and talent and so do music supervisors, celebrity artists, advertising agencies, music bloggers, journalists, producers and more. Just about anyone who conducts A&R as part of their business is finding that Music Xray’s enhanced A&R tools help them get the job done faster and more efficiently. It also helps them lower costs while reducing risk when it comes time to invest in the music and talent they find.

Any interested candidates should contact me directly mike(at)mikemccready(dot)com.