Hoopr
Music

Music licensing market ‘Hoopr’ will get $1.5 million in seed spherical

NEW DELHI :

Music licensing app ‘Hoopr’, which permits video creators and companies to license royalty-free music for advertisements, movies, and movies, has secured $1.5 million in a seed funding spherical led by 9Unicorns and Enterprise Catalysts. It additionally noticed participation from Inflection Level Ventures and 91Ventures.

Marquee angels, together with Ashneer Grover (BharatPe), Anshoo Sharma (Magicpin), Sahil Barua (Delhivery), Giri Malpani, Anuraag Srivastava (Rainshine Leisure) and Pradyumna Agrawal (Temasek), additionally participated within the spherical.

The corporate stated it can use the funds to strengthen its tech choices, together with an AI-enabled search engine for video creators, to seek out the correct soundtracks. It can additionally make the most of the funds in the direction of constructing its library.

The corporate stated the market dimension of the creator financial system is estimated to be $104 billion globally and over 50 million creators are creating content material day by day. Beginning with sync licensing, a $3.7 billion market worldwide, Hoopr plans to monetise numerous elements of the creator financial system, with a give attention to Indian creators.

Hoopr’s dad or mum agency GSharp Media is a music-tech firm began by music producer Gaurav Dagaonkar and entrepreneur Meghna Mittal. The corporate works on constructing media-tech merchandise and plans to develop its IP choices with the growth of its content material arm ‘Songfest’, which counts manufacturers equivalent to Mars Wrigley, Nestle, BharatPe, Hike and Magicpin amongst its shoppers.

Gaurav Dagaonkar, co-founder of Hoopr stated, “We are going to proceed to spend money on rising our library and constructing options on the Hoopr platform throughout the following 12 months.”

Apoorva Ranjan Sharma, co-founder, 9Unicorns & Enterprise Catalysts stated, content material creators, social media group builders and curators have been a number of the exceptions which have witnessed further progress fueled by the pandemic. “Work-from-home has additionally enabled plenty of fence-sitters to affix the creators’ bandwagon and generate a major/secondary supply of earnings. Given this backdrop, we envisage immense potential for Hoopr.”

Mitesh Shah, co-founder, Inflection Level Ventures added, “With the large market dimension and tens of millions of customers creating content material day by day, Hoopr has stepped in on the proper time to monetize this house. We consider within the Founders and their tech experience to guide this initiative, and we’re certain our intensive community might be of immense assist to them.”

As per the Worldwide Federation of the Phonographic Trade’s International Music Report, India’s recorded music business grew by 18.7% to Rs1,277.6 crore in 2020.

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