The global music publishing industry market size was valued at $5.96 Bn in 2020
It is predicted to reach $9.35 Bn by 2028, growing at a CAGR of 5.9% during the timeline.
Today, India has more than 100 Mn creators.
YouTube being the most popular video content platform amongst them.
With more than 435 Mn users in the country, YouTube does have very strict
music licensing policy. If you add an audio to your video, you should have the license to it else, your content can be taken down/ de-monetised. Here’s where a music licensing platform like Hoopr comes into the scene.
Founded in 2018 by Gaurav Dagaonkar and Meghna Mittal, Hoopr is operated by GSharp Media(a content and technology company).
Hoopr allows video creators and businesses to license/ royalty-free music for videos, advertisements and films.
They help creators to Hook their end-users with access to their exciting array of musical content that includes everything from songs, to themes, SFX, hoops and everything in between!
Hoopr’s seed round funding round was led by9Unicorns and Venture Catalysts in December’21.
They secured $1.5Mn in the round that also saw participation from Inflection Point Ventures and 91Ventures.
Astute angels, including Ashneer Grover (BharatPe), Anshoo Sharma (Magicpin), Sahil Barua (Delhivery), Giri Malpani, Anuraag Srivastava (Rainshine Entertainment) and Pradyumna Agrawal (Temasek), also participated in the round.
Ashneer being an investor now in the company, took to his socials:
“Gaurav Dagaonkar has been passionate about music since Indian Institute of Management Ahmedabad days. He understands musicians and creators better than most. Hoopr is helping creators discover and license music digitally at as low as ₹500, while bringing monetisation and due credit to musicians.”
This is his 22nd investment in the year of 2021.
Upon raising this investment, Gaurav said,
“Being an integral part of the music and creator ecosystem with Songfest, we realise the great need for high quality, licensable music by content creators and brands across the globe.
With Hoopr, we aim to solve this in a manner that uses technology to make music licensing fun and intuitive, while also providing thousands of Indian music creators a new and sustainable source of income.
A big thanks to all our investors and backers for their support.”
The company mentioned in a press release that the newly raised funds will be made use to strengthen the tech offerings. This majorly includes an AI-enabled search engine to help video creators find the apt soundtrack as per their content. The funds will also be utilised to build the library.
With music licensing gaining momentum in the country, we hope Hoopr does good in their space. We wish the entire team, the very best for their journey ahead.
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