Music license market Hoopr raises seed funds
Hoopr Helps Video Creators With Royalty Free Music For Videos, Ads & Movies
The startup will use the freshly raised funds to improve its AI-based referral algorithm and expand its library
India has over 100 million creators with YouTube the most popular platform among them
The Hoopr Music Licensing Market raised $ 1.5 million in a seed funding round led by 9Unicorns and Venture Catalysts. Angel investors Ashneer Grover (BharatPe), Anshoo Sharma (Magicpin), Sahil Barua (Delhivery), Giri Malpani, Anuraag Srivastava (Rainshine Entertainment) and Pradyumna Agrawal (Temasek) also participated in the round.
Founded in 2018, GSharp Media is a content and technology company that operates the Songfest India and Hoopr brands. Hoopr allows video creators and businesses to license / royalty free music for videos, commercials and movies.
The startup will use the freshly raised funds to bolster its tech offering, including developing an AI-powered engine that helps video creators find the right soundtrack for their videos. A portion of the funds will also be mobilized to create a larger library of themes, songs and sound effects for individual creators, brands, agencies and platforms.
âWorking from home has allowed many fence guards to join the designer movement and generate a primary / secondary source of income. In this context, we see immense potential for Hoopr due to its royalty-free model that reaches the local level of the designer economy in India, âsaid Apoorv Ranjan Sharma, co-founder of 9Unicorns and Venture Catalysts.
According to Inc42 Plus, India has over 100 million designers on various different platforms, earning between 15,000 INR and 50 lakh INR per month through their work. YouTube is by far the most popular medium for creators with over 435 million users nationwide.
If you want to legally use music of any kind on your YouTube video, you must do so using music that you have licensed to use. Failure to do so may result in the deletion or demonetization of your content.
âWe would like to thank our investors for their confidence and their belief in us. At GSharp Media, we believe in building data-driven and technology-driven products and brands that help creators. We will continue to invest in growing our library and building functionality on the Hoopr platform over the next 12 months. For me personally, it is a very satisfying feeling that Hoopr provides millions of music creators with a new source of income. said Gaurav Dagaonkar, co-founder and CEO of Hoopr.
The global market size of the music publishing industry was valued at $ 5.96 billion in 2020 and is expected to reach $ 9.35 billion by 2028, growing at a CAGR of 5.9% during the period. Indian over-the-top (OTT) audio app last week Pocket FM raised $ 22.4 million in a Series B funding round led by Lightspeed, with participation from Times Group and Tanglin Ventures.