Hoopr raises ₹4 crore to boost smash & music licensing growth
The music licensing industry has witnessed significant growth in recent years, with the rise of social media platforms and the increasing demand for high-quality, copyright-safe music. In this context, music licensing startup Hoopr has announced that it has raised ₹4 crore in an extended pre-Series A round, valuing the company at ₹160 crore. This funding round is a significant milestone for Hoopr, which aims to revolutionize the music licensing industry with its innovative approach and cutting-edge technology.
Expanding Hoopr Smash and Enhancing User Experience
The funds raised will be utilized to expand Hoopr Smash, the company’s flagship product, which offers a vast library of copyright-safe music tracks for creators and businesses. Hoopr Smash has gained immense popularity among content creators, with over 30,000 creators onboard, and the company plans to further enhance the user experience by investing in engineering, curation, and partnerships. The expansion of Hoopr Smash will enable the company to offer a more comprehensive and diverse range of music tracks, catering to the evolving needs of creators and businesses.
Strengthening Engineering, Curation, and Partnerships
Hoopr’s focus on strengthening its engineering capabilities will enable the company to develop more advanced and user-friendly platforms for music licensing. The company plans to invest in artificial intelligence and machine learning technologies to improve the discoverability of music tracks and enhance the overall user experience. Additionally, Hoopr will strengthen its curation team to ensure that the music tracks offered on its platform are of the highest quality and relevance to creators and businesses.
Scaling the Catalog and Global Reach
With over 12,000 copyright-safe tracks and 300+ artists onboard, Hoopr has established itself as a leading music licensing platform in India. The company plans to scale its catalog further by partnering with more artists, labels, and music publishers. Hoopr also aims to expand its global reach, catering to the growing demand for music licensing in international markets. The company’s transparent royalty ecosystem, which ensures fair compensation for artists and creators, will be a key differentiator in the global market.
Transparent Royalty Ecosystem
Hoopr’s commitment to transparency and fairness in its royalty ecosystem is a significant aspect of its business model. The company ensures that artists and creators receive fair compensation for their work, and the funds raised will enable Hoopr to further strengthen its royalty payment systems. This approach has earned Hoopr the trust and loyalty of its artist community, and the company plans to continue its efforts to promote transparency and fairness in the music licensing industry.
Growth and Expansion Plans
With the funds raised, Hoopr plans to accelerate its growth and expansion plans. The company will invest in marketing and promotion to increase awareness about its products and services, particularly among creators and businesses. Hoopr will also explore strategic partnerships with music labels, publishers, and other industry players to further expand its catalog and reach.
Conclusion
Hoopr’s ₹4 crore funding round is a significant milestone for the music licensing startup, which has established itself as a leader in the Indian market. With its focus on expanding Hoopr Smash, enhancing user experience, and strengthening engineering, curation, and partnerships, the company is well-positioned to scale its catalog, global reach, and transparent royalty ecosystem. As the music licensing industry continues to evolve, Hoopr is poised to play a key role in shaping the future of the industry, and its commitment to transparency, fairness, and innovation will be critical to its success.
News Source: https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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