Hoopr raises ₹4 crore to boost smash & music licensing growth
In a significant development, music licensing startup Hoopr has announced that it has raised ₹4 crore in an extended pre-Series A round. This investment has valued the company at ₹160 crore, a testament to the growing potential of the music licensing industry. The funds raised will be utilized to expand Hoopr Smash, enhance user experience, and strengthen engineering, curation, and partnerships. With this investment, Hoopr aims to scale its catalog, global reach, and transparent royalty ecosystem, further solidifying its position in the market.
Hoopr has been making waves in the music licensing space with its innovative approach to providing copyright-safe music to creators. The platform has already onboarded 12,000+ tracks, 300+ artists, and 30,000 creators, making it a go-to destination for those looking for high-quality, licensed music. The startup’s focus on transparency and fairness in royalty distribution has also been a major draw for artists and creators.
The music licensing industry has been growing rapidly in recent years, driven by the increasing demand for high-quality, licensed music from creators and businesses. With the rise of social media, video content creation, and podcasting, the need for copyright-safe music has never been more pressing. Hoopr has been at the forefront of this trend, providing a platform for artists to monetize their music while giving creators access to a vast library of licensed tracks.
The expansion of Hoopr Smash, the company’s music streaming platform, is a key area of focus for the startup. With the funds raised, Hoopr plans to enhance the user experience, making it easier for creators to discover and license music. The platform will also see significant improvements in its search functionality, recommendation algorithms, and content discovery features. This will enable creators to find the perfect track for their content, while also providing artists with more opportunities to get their music discovered.
Strengthening engineering, curation, and partnerships is also a key priority for Hoopr. The startup plans to invest in its engineering team to improve the platform’s infrastructure, scalability, and reliability. This will ensure that the platform can handle the growing demand for licensed music, while also providing a seamless experience for creators and artists. Hoopr also plans to expand its curation team, which will focus on discovering new talent and adding high-quality tracks to the platform. Partnerships will also be a key area of focus, with Hoopr looking to collaborate with music labels, publishers, and industry bodies to expand its catalog and reach.
One of the key differentiators for Hoopr is its transparent royalty ecosystem. The startup has been committed to providing fair and transparent royalty distribution to artists, ensuring that they are rewarded for their work. This approach has been a major draw for artists, who are often disillusioned with the opaque royalty distribution systems used by other music licensing platforms. With the funds raised, Hoopr plans to further strengthen its royalty distribution system, providing artists with more detailed insights into their earnings and ensuring that they are paid fairly for their work.
The growth of Hoopr has been impressive, with the startup having already achieved significant traction in the market. The company’s focus on innovation, transparency, and fairness has resonated with creators and artists, who are looking for a reliable and trustworthy music licensing platform. With the funds raised, Hoopr is well-positioned to take its growth to the next level, expanding its catalog, reach, and impact in the music licensing industry.
In conclusion, Hoopr’s ₹4 crore funding is a significant development for the music licensing industry. The startup’s focus on innovation, transparency, and fairness has made it a leader in the market, and the funds raised will enable it to take its growth to the next level. As the demand for high-quality, licensed music continues to grow, Hoopr is well-positioned to meet this demand, providing creators with access to a vast library of copyright-safe tracks while rewarding artists for their work.
The future of music licensing looks bright, and Hoopr is at the forefront of this trend. With its commitment to transparency, fairness, and innovation, the startup is set to make a significant impact in the industry. As the music licensing market continues to evolve, Hoopr is well-positioned to lead the charge, providing a platform for artists to monetize their music while giving creators access to high-quality, licensed tracks.
News Source: https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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