Russell Simmons' "all things hip-hop" Web site 360hiphop.com announced today that it received strategic investments from both Sony Music Entertainment and Universal Music Group.

The site, which Simmons and his investors launched in June, aims to capitalize on the burgeoning hip-hop marketplace, which according to RIAA estimates accounted for 23% (or 3.1 billion) of all music sales in the U.S. in 1998.

"With these investments from powerhouse entertainment companies Sony Music Entertainment and Universal, we are in a prime position to dominate the emerging online hip-hop marketplace," Simmons said, simply rephrasing what we said just a paragraph earlier. "We are confident that 360hiphop.com will be the leader in delivering hip-hop culture on the Internet."

Players at Sony and UMG also chimed in with their own touchy-feely quotes.

"Russell Simmons is a visionary in the entertainment industry," said Sony President, New Technology and Business Development Fred Ehrlich.

"Russell has been both a pioneer and a leader in the development of hip-hop culture," said Larry Kenswil, president of UMG's eLabs, a subsidiary that has nothing to do with Labrador Retrievers. "We are very excited about extending our relationship with him to this new venture."