Hoopr raises ₹4 crore to boost smash & music licensing growth
The music industry has undergone a significant transformation in recent years, with the rise of digital platforms and streaming services changing the way music is consumed and monetized. One of the key challenges faced by content creators and music producers is accessing high-quality, copyright-safe music for their projects. This is where music licensing startups like Hoopr come into play. In a recent development, Hoopr has raised ₹4 crore in an extended pre-Series A round, valuing the company at ₹160 crore. In this blog post, we will delve into the details of this funding round and explore how Hoopr plans to utilize these funds to drive growth and expansion.
The Music Licensing Market
The music licensing market is a rapidly growing industry, with an increasing demand for copyright-safe music from content creators, advertisers, and filmmakers. Music licensing startups like Hoopr are well-positioned to capitalize on this trend, offering a vast library of tracks that can be licensed for use in various projects. Hoopr’s platform provides a unique solution for creators, allowing them to access high-quality music while ensuring that artists and producers receive fair compensation for their work.
Hoopr’s Funding Round
The recent funding round of ₹4 crore is a significant milestone for Hoopr, demonstrating the confidence of investors in the company’s vision and growth potential. The funds will be utilized to expand Hoopr Smash, the company’s platform for discovering and licensing music. Additionally, the investment will enhance the user experience, strengthen engineering, curation, and partnerships, and drive the growth of Hoopr’s catalog and global reach.
Key Features of Hoopr’s Platform
So, what sets Hoopr apart from other music licensing startups? Here are some key features of the platform:
- 12,000+ copyright-safe tracks: Hoopr’s library offers a vast collection of tracks that are safe for use in commercial projects, eliminating the risk of copyright infringement.
- 300+ artists: The platform showcases the work of over 300 artists, providing a diverse range of styles and genres to choose from.
- 30,000 creators onboard: Hoopr has already attracted a large community of creators, including filmmakers, advertisers, and content producers, who use the platform to discover and license music for their projects.
- Transparent royalty ecosystem: Hoopr is committed to ensuring that artists and producers receive fair compensation for their work, with a transparent royalty system that rewards creators for their contributions.
Growth Plans
With the fresh funding in place, Hoopr is poised to drive significant growth and expansion. The company plans to scale its catalog, increase its global reach, and strengthen its partnerships with artists, producers, and content creators. By enhancing the user experience and improving the discovery process, Hoopr aims to become the go-to platform for music licensing and discovery.
Conclusion
The music licensing industry is rapidly evolving, with startups like Hoopr at the forefront of this change. With its recent funding round, Hoopr is well-positioned to drive growth and expansion, offering a unique solution for content creators and music producers. As the company continues to scale its catalog, global reach, and transparent royalty ecosystem, we can expect to see significant developments in the music licensing space. To stay up-to-date with the latest news and developments, be sure to check out the full article at the link below.
News Source: https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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