Hoopr raises ₹4 crore to boost smash & music licensing growth
In a significant development, music licensing startup Hoopr has successfully raised ₹4 crore in an extended pre-Series A round, valuing the company at a whopping ₹160 crore. This fresh infusion of funds is set to propel the company’s growth trajectory, with a focus on expanding its popular platform Hoopr Smash, enhancing user experience, and strengthening its engineering, curation, and partnerships.
For the uninitiated, Hoopr is a music licensing startup that has been making waves in the industry with its innovative approach to music licensing. The company offers a vast library of copyright-safe tracks, which can be used by creators and businesses without worrying about the complexities of music licensing. With a catalog of over 12,000 tracks, 300+ artists, and 30,000 creators onboard, Hoopr has established itself as a leading player in the music licensing space.
The funds raised in this round will be utilized to expand Hoopr Smash, the company’s popular platform that allows users to discover and license music for their content. The platform will see significant enhancements, including improved search functionality, personalized recommendations, and a more seamless user experience. This will enable creators to find the perfect tracks for their content, while also ensuring that artists and rights holders receive fair compensation for their work.
In addition to expanding Hoopr Smash, the company plans to strengthen its engineering, curation, and partnerships. This will involve investing in cutting-edge technology to improve the platform’s functionality, as well as building a robust team of curators and experts to ensure that the music catalog is diverse, high-quality, and relevant to the needs of creators. The company also plans to forge strategic partnerships with leading music industry players, labels, and artists to further expand its catalog and reach.
One of the key factors that sets Hoopr apart from its competitors is its commitment to transparency and fairness in music licensing. The company has built a robust royalty ecosystem that ensures artists and rights holders receive accurate and timely payments for their work. This approach has resonated with creators and artists, who appreciate the simplicity and fairness of Hoopr’s music licensing model.
With the global music licensing market projected to grow significantly in the coming years, Hoopr is well-positioned to capitalize on this trend. The company’s focus on transparency, fairness, and innovation has earned it a loyal following among creators and artists, and its expanding catalog and global reach make it an attractive option for businesses and brands looking to license high-quality music.
In conclusion, Hoopr’s successful raise of ₹4 crore is a testament to the company’s growth potential and the demand for innovative music licensing solutions. As the company continues to expand its platform, enhance user experience, and strengthen its engineering, curation, and partnerships, it is likely to play an increasingly important role in shaping the future of music licensing.
With its strong foundation, talented team, and commitment to transparency and fairness, Hoopr is poised to become a leading player in the global music licensing market. As the company continues to scale its catalog, global reach, and transparent royalty ecosystem, it will be exciting to see how it evolves and adapts to the changing needs of creators, artists, and businesses.
News Source: https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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