NEW DELHI : The music licensing app “Hoopr”, which allows video creators and businesses to license royalty-free music for commercials, videos and films, has secured $ 1.5 million in the part of a seed funding round led by 9Unicorns and Venture Catalysts. He also saw the participation of Inflection Point Ventures and 91Ventures.
Renowned 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 tour.
The company said it would use the funds to bolster its tech offerings, including an AI-enabled search engine for video creators, to find the right soundtracks. He will also use the funds to build his library.
The company said the market size of the creator economy is estimated at $ 104 billion worldwide, and more than 50 million creators create content daily. Starting with sync licenses, a $ 3.7 billion market globally, Hoopr plans to monetize various aspects of the creator economy, with a focus on Indian creators.
Hoopr’s parent company, GSharp Media, is a music technology company started by music producer Gaurav Dagaonkar and entrepreneur Meghna Mittal. The company is working on creating multimedia technology products and plans to expand its IP offering with the expansion of its “Songfest” content arm, which includes brands such as Mars Wrigley, Nestlé, BharatPe, Hike and Magicpin among its clients.
Gaurav Dagaonkar, Co-Founder of Hoopr, said: “We will continue to invest in growing our library and building functionality on the Hoopr platform over the next 12 months. “
Apoorva Ranjan Sharma, co-founder of 9Unicorns & Venture Catalysts, said content creators, social media community builders and curators were some of the exceptions that have seen further growth fueled by the pandemic. “Working from home has also 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.”
Mitesh Shah, co-founder of Inflection Point Ventures, added, “With the huge size of the market 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 technological expertise to lead this initiative, and we are sure that our vast network will be of immense help to them. “
According to the World Music Report of the International Federation of the Phonographic Industry, India’s recorded music industry grew by 18.7% to reach Rs 1,277.6 crore in 2020.
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