Hoopr raises ₹4 crore to boost smash & music licensing growth
The music licensing industry has witnessed significant growth in recent years, driven by the increasing demand for copyright-safe music from content creators. One startup that has been making waves in this space is Hoopr, a music licensing platform that provides high-quality, royalty-free music to creators. In a recent development, Hoopr 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 the company, and it will play a crucial role in driving its growth and expansion plans.
Expansion of Hoopr Smash
One of the key areas where Hoopr plans to utilize the funds is in expanding its Hoopr Smash platform. Hoopr Smash is a revolutionary platform that allows creators to discover and license music for their content. The platform uses AI-powered curation to provide creators with personalized music recommendations, making it easier for them to find the perfect track for their videos. With the fresh funding, Hoopr plans to enhance the user experience on Hoopr Smash, making it more intuitive and user-friendly. This will enable creators to search, discover, and license music more efficiently, thereby increasing the platform’s adoption and usage.
Enhancing User Experience
In addition to expanding Hoopr Smash, the company also plans to focus on enhancing the overall user experience on its platform. This will involve investing in improving the search functionality, making it easier for creators to find the right music for their content. Hoopr will also work on developing more features and tools that will make it easier for creators to manage their music licenses and track their usage. By enhancing the user experience, Hoopr aims to increase user engagement and retention, driving growth and revenue for the company.
Strengthening Engineering, Curation, and Partnerships
The funding will also be utilized to strengthen Hoopr’s engineering, curation, and partnerships teams. The company plans to hire more engineers to work on developing new features and improving the existing infrastructure. This will enable Hoopr to scale its platform more efficiently, handling increased traffic and user demand. Hoopr will also invest in its curation team, which will work on developing more playlists and radio stations, providing creators with a wider range of music options. Furthermore, the company will focus on building partnerships with music labels, publishers, and artists, increasing its music catalog and providing creators with access to a broader range of music.
Scaling the Catalog and Global Reach
With the fresh funding, Hoopr aims to scale its music catalog significantly. The company currently has over 12,000 copyright-safe tracks, 300+ artists, and 30,000 creators onboard. Hoopr plans to increase its catalog to over 50,000 tracks in the next 12-18 months, providing creators with an even wider range of music options. The company will also focus on expanding its global reach, targeting new markets and regions. This will involve building partnerships with local music labels and artists, as well as investing in marketing and advertising efforts to raise awareness about the platform.
Transparent Royalty Ecosystem
One of the key differentiators for Hoopr is its transparent royalty ecosystem. The company provides artists and labels with detailed insights into how their music is being used, as well as transparent royalty payments. Hoopr plans to further enhance its royalty ecosystem, providing artists and labels with more detailed reporting and analytics. This will enable them to track their music’s performance and earnings more efficiently, increasing trust and confidence in the platform.
Conclusion
The music licensing industry is rapidly evolving, driven by the increasing demand for copyright-safe music from content creators. Hoopr is well-positioned to capitalize on this trend, with its innovative platform and commitment to transparency and fairness. With the recent funding round, Hoopr is poised to drive growth and expansion, scaling its catalog, global reach, and user base. As the company continues to innovate and improve its platform, it is likely to become a leading player in the music licensing industry.
Source:
https://ascendants.in/business-stories/hoopr-raises-4-cr-music-licensing/
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