Music Licencing Marketplace Hoopr Garners $1.5 Million from Venture Catalysts & 9Unicorns
Hoopr, a music licencing marketplace, has garnered $1.5 million in a seed fundraising round headed by Venture Catalysts and 9Unicorns. The round was also attended by angel investors Sahil Barua (Delhivery), Ashneer Grover (BharatPe), Anshoo Sharma (Magicpin), Pradyumna Agrawal (Temasek), Giri Malpani, and Anuraag Srivastava (Rainshine Entertainment).
GSharp Media, founded in 2018, is a content and technology firm that owns the Songfest India and Hoopr brands. Hoopr is a platform that allows video producers and corporations to licence royalty-free music for their videos, commercials, and films.
The funding will be used to improve the startup's tech offering, including the development of an AI-powered engine that assists video creators in finding the ideal music for their videos. Some of the cash will be used to expand the library of themes, songs, and sound effects available to individual producers, companies, agencies, and platforms.
9Unicorns and Venture Catalysts cofounder Apoorv Ranjan Sharma commented, “Work-from-home has enabled a lot of fence-sitters to join the creators’ bandwagon and generate a primary/secondary source of income. Given this backdrop, we envisage immense potential for Hoopr due to its royalty-free model which reaches to the grassroot level of the creator economy in India.”
More than 100 million Indian creators labour across various platforms, earning between INR 15,000 and INR 50 lakh each month. With over 435 million users in the country, YouTube is by far the most popular platform for creators.
Hoopr cofounder and CEO Gaurav Dagaonkar stated, “we’d like to thank our investors for their belief and conviction in us. At GSharp Media we believe in creating data and technology driven products and brands that help creators. We will continue to invest in growing our library and building features on the Hoopr platform across the next 12 months. For me personally, the fact that Hoopr provides millions of music creators a new source of income, is a very satisfying feeling.”
The global music publishing industry market was valued at $5.96 billion in 2020, and it is expected to rise at a CAGR of 5.9% to $9.35 billion by 2028. Pocket FM, an Indian audio over-the-top (OTT) service, raised $22.4 million in a Series B fundraising round led by Lightspeed and including Times Group and Tanglin Ventures last week.
GSharp Media, founded in 2018, is a content and technology firm that owns the Songfest India and Hoopr brands. Hoopr is a platform that allows video producers and corporations to licence royalty-free music for their videos, commercials, and films.
The funding will be used to improve the startup's tech offering, including the development of an AI-powered engine that assists video creators in finding the ideal music for their videos. Some of the cash will be used to expand the library of themes, songs, and sound effects available to individual producers, companies, agencies, and platforms.
9Unicorns and Venture Catalysts cofounder Apoorv Ranjan Sharma commented, “Work-from-home has enabled a lot of fence-sitters to join the creators’ bandwagon and generate a primary/secondary source of income. Given this backdrop, we envisage immense potential for Hoopr due to its royalty-free model which reaches to the grassroot level of the creator economy in India.”
More than 100 million Indian creators labour across various platforms, earning between INR 15,000 and INR 50 lakh each month. With over 435 million users in the country, YouTube is by far the most popular platform for creators.
Hoopr cofounder and CEO Gaurav Dagaonkar stated, “we’d like to thank our investors for their belief and conviction in us. At GSharp Media we believe in creating data and technology driven products and brands that help creators. We will continue to invest in growing our library and building features on the Hoopr platform across the next 12 months. For me personally, the fact that Hoopr provides millions of music creators a new source of income, is a very satisfying feeling.”
The global music publishing industry market was valued at $5.96 billion in 2020, and it is expected to rise at a CAGR of 5.9% to $9.35 billion by 2028. Pocket FM, an Indian audio over-the-top (OTT) service, raised $22.4 million in a Series B fundraising round led by Lightspeed and including Times Group and Tanglin Ventures last week.
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