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Business News/ Companies / Start-ups/  Music licensing marketplace ‘Hoopr’ gets $1.5 million in seed round
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Music licensing marketplace ‘Hoopr’ gets $1.5 million in seed round

The company said it will use the funds to strengthen its tech offerings, including an AI-enabled search engine for video creators, to find the right soundtracks

Hoopr's seed funding round was led by 9Unicorns and Venture Catalysts. (iStock photo)Premium
Hoopr's seed funding round was led by 9Unicorns and Venture Catalysts. (iStock photo)

NEW DELHI : Music licensing app ‘Hoopr’, which allows video creators and businesses to license royalty-free music for ads, videos, and films, has secured $1.5 million in a seed funding round led by 9Unicorns and Venture Catalysts. It also saw participation from Inflection Point Ventures and 91Ventures.

Marquee 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.

The company said it will use the funds to strengthen its tech offerings, including an AI-enabled search engine for video creators, to find the right soundtracks. It will also utilize the funds towards building its library.

The company said the market size of the creator economy is estimated to be $104 billion globally and over 50 million creators are creating content daily. Starting with sync licensing, a $3.7 billion market worldwide, Hoopr plans to monetise various aspects of the creator economy, with a focus on Indian creators.

Hoopr's parent firm GSharp Media is a music-tech company started by music producer Gaurav Dagaonkar and entrepreneur Meghna Mittal. The company works on building media-tech products and plans to grow its IP offerings with the expansion of its content arm ‘Songfest’, which counts brands such as Mars Wrigley, Nestle, BharatPe, Hike and Magicpin amongst its clients.

Gaurav Dagaonkar, co-founder of Hoopr said, “We will continue to invest in growing our library and building features on the Hoopr platform across the next 12 months."

Apoorva Ranjan Sharma, co-founder, 9Unicorns & Venture Catalysts said, content creators, social media community builders and curators have been some of the exceptions that have witnessed additional growth fueled by the pandemic. "Work-from-home has also 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."

Mitesh Shah, co-founder, Inflection Point Ventures added, “With the huge market size and millions of users creating content daily, Hoopr has stepped in at the right time to monetize this space. We believe in the Founders and their tech expertise to lead this initiative, and we are sure our extensive network will be of immense help to them."

As per the International Federation of the Phonographic Industry's Global Music Report, India's recorded music industry grew by 18.7% to Rs1,277.6 crore in 2020.

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Published: 14 Dec 2021, 12:26 PM IST
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