Two ex-Virgin Digital executives, former CTO Brendon Cassidy and president Zack Zalon are launching and LA digital business incubator Elevator Labs with $20 million from KCG Capital . Hello Music, which Zalon founded, becomes part of the Elevator portfolio.

• 3 teenagers have been arrested for the Sony PIAS London riots warehouse fire that destroyed the stock of 150 indie labels. PIAS and trade group AIM have set up a fund to help the labels plus here is a  roundup of ways fans and the music community can get involved. 

MORE:

• Some good news for the UK indies: According to PIAS, "Sony DADC has identified a temporary distribution partner and it is envisaged that they will be in a position to pick, pack and ship orders in the course of next week."
• MTV is bringing back the O Music Awards to honor online innovation.  This time they are accepting nominations for award categories.