Hoopr raises ₹4 crore to boost smash & music licensing growth
In a significant development, music licensing startup Hoopr has raised ₹4 crore in an extended pre-Series A round, valuing the company at ₹160 crore. This fresh infusion of funds is set to propel Hoopr’s growth trajectory, particularly in its smash and music licensing segments. With a focus on expanding its offerings, enhancing user experience, and strengthening its engineering, curation, and partnerships, Hoopr is poised to revolutionize the music industry.
At the heart of Hoopr’s success lies its extensive catalog of copyright-safe tracks, which currently boasts over 12,000 tracks from more than 300 artists. This vast library has been a major draw for creators, with over 30,000 onboard, utilizing Hoopr’s music licensing services to elevate their content. The startup’s commitment to transparency and fairness is reflected in its royalty ecosystem, which ensures that artists and creators are fairly compensated for their work.
The extended pre-Series A round of funding is a testament to the confidence investors have in Hoopr’s vision and growth potential. The funds raised will be utilized to expand Hoopr Smash, the company’s platform for discovering and licensing music. This expansion will enable Hoopr to cater to a broader range of creators, from social media influencers to production houses, providing them with access to a vast and diverse library of music.
Enhancing user experience is another key area of focus for Hoopr. The startup plans to invest in refining its platform, making it more intuitive and user-friendly. This will enable creators to easily discover, license, and integrate music into their content, streamlining the process and reducing the time and effort required. By providing a seamless experience, Hoopr aims to increase user engagement and retention, driving growth and revenue.
Strengthening engineering, curation, and partnerships is also a critical aspect of Hoopr’s growth strategy. The startup will invest in building a robust engineering team, capable of developing and maintaining a scalable and efficient platform. Additionally, Hoopr will focus on curating high-quality music, ensuring that its catalog remains relevant and appealing to creators. Strategic partnerships will also be key, enabling Hoopr to expand its reach and offerings, while providing creators with access to a broader range of music and services.
With its sights set on scaling its catalog, global reach, and transparent royalty ecosystem, Hoopr is well-positioned to become a leading player in the music licensing industry. The startup’s commitment to fairness, transparency, and quality has resonated with creators and artists, who are increasingly seeking alternatives to traditional music licensing models. By providing a platform that is both accessible and equitable, Hoopr is poised to disrupt the status quo, creating new opportunities for creators, artists, and the music industry as a whole.
As the music licensing landscape continues to evolve, Hoopr is at the forefront of this change. With its innovative approach, extensive catalog, and commitment to transparency, the startup is set to revolutionize the way music is licensed and used. As Hoopr continues to grow and expand its offerings, it will be exciting to see the impact it has on the music industry and the creative community at large.
In conclusion, Hoopr’s raising of ₹4 crore in an extended pre-Series A round is a significant milestone, marking a new chapter in the startup’s growth journey. With its focus on expanding Hoopr Smash, enhancing user experience, and strengthening engineering, curation, and partnerships, Hoopr is poised to become a leading player in the music licensing industry. As the startup continues to scale its catalog, global reach, and transparent royalty ecosystem, it will be exciting to see the impact it has on the music industry and the creative community.
News Source: https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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