Hoopr raises ₹4 crore to boost smash & music licensing growth
The music industry has witnessed a significant transformation in recent years, with the rise of music streaming platforms and the increasing demand for licensed music. In this context, music licensing startup Hoopr has raised ₹4 crore in an extended pre-Series A round, valuing the company at ₹160 crore. This funding round is a testament to the growing importance of music licensing and the potential of Hoopr to revolutionize the industry.
Hoopr’s primary focus is on providing copyright-safe music to creators, and with this funding, the company aims to expand its services and strengthen its position in the market. The funds will be utilized to enhance the user experience, expand Hoopr Smash, and bolster the company’s engineering, curation, and partnerships. This move is expected to further accelerate the growth of Hoopr and solidify its position as a leading music licensing platform.
The Growing Demand for Music Licensing
The demand for licensed music has been on the rise, driven by the increasing popularity of social media platforms, video streaming services, and podcasts. Creators are constantly looking for high-quality, copyright-safe music to use in their content, and Hoopr has been at the forefront of providing this service. With a catalog of over 12,000 tracks, 300+ artists, and 30,000 creators onboard, Hoopr has established itself as a go-to platform for music licensing.
The music licensing industry is expected to continue growing, driven by the increasing demand for licensed music and the rise of new platforms and services. Hoopr is well-positioned to capitalize on this trend, with its focus on providing high-quality, copyright-safe music and its commitment to transparency and fairness in royalty payments.
Expanding Hoopr Smash
Hoopr Smash is a key component of the company’s offerings, providing creators with access to a vast library of music tracks. With the new funding, Hoopr plans to expand Hoopr Smash, adding more features and functionality to make it easier for creators to find and use licensed music. This move is expected to further enhance the user experience and increase the adoption of Hoopr Smash among creators.
The expansion of Hoopr Smash is also expected to drive growth in the company’s revenue, as more creators use the platform to access licensed music. With its focus on transparency and fairness in royalty payments, Hoopr is committed to ensuring that artists and creators are fairly compensated for their work.
Strengthening Engineering, Curation, and Partnerships
In addition to expanding Hoopr Smash, the company plans to use the funding to strengthen its engineering, curation, and partnerships. This will enable Hoopr to improve the overall quality of its services, expand its catalog, and build stronger relationships with artists, creators, and other stakeholders.
The company’s focus on engineering will enable it to develop new features and functionality, improving the user experience and making it easier for creators to find and use licensed music. The expansion of its curation team will enable Hoopr to add more high-quality tracks to its catalog, further enhancing the value proposition for creators.
Global Reach and Transparent Royalty Ecosystem
Hoopr’s vision is to become a global leader in music licensing, providing creators with access to high-quality, copyright-safe music from around the world. With its focus on transparency and fairness in royalty payments, Hoopr is committed to ensuring that artists and creators are fairly compensated for their work.
The company’s transparent royalty ecosystem is designed to provide artists and creators with a clear understanding of how their music is being used and how they are being compensated. This approach has earned Hoopr a reputation as a fair and transparent music licensing platform, and the company is committed to continuing this approach as it grows and expands.
Conclusion
In conclusion, Hoopr’s raising of ₹4 crore in an extended pre-Series A round is a significant milestone for the company, valuing it at ₹160 crore. The funds will be used to expand Hoopr Smash, enhance the user experience, and strengthen the company’s engineering, curation, and partnerships. With its focus on providing high-quality, copyright-safe music and its commitment to transparency and fairness in royalty payments, Hoopr is well-positioned to become a leading player in the music licensing industry.
As the music industry continues to evolve, Hoopr is poised to play a key role in shaping the future of music licensing. With its strong foundation, commitment to transparency, and focus on providing high-quality music, Hoopr is an exciting company to watch in the years to come.
News Source: https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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