Content creators

This AI-powered music licensing marketplace helps content creators choose their own music

“Music is the soundtrack of life”, and that couldn’t have been more true today as billions of people around the world consume movies, webcasts, vlogs, podcasts daily. , game streams – content that requires music. Valued at $104.2 billion in 2020, the 50 million people in the global creator economy struggle to find original music for their content.

Mumbai-based music licensing app hoop creates a thriving ecosystem of content creators who can easily license music and sound effects for their videos. Its parent company GSharp Media is a music technology company founded by a music producer Gaurav Dagaonkar and entrepreneur Meghna Mittal. The company is working on creating multimedia technology products and plans to expand its IP offerings with the expansion of its Songfest content arm, which includes brands such as Mars Wrigley, Nestle, Viacom18, BharatPe, Culture Machine, Hike and Magicpin. among its customers.

Begin

The COVID-19 pandemic has fueled the digital revolution and accelerated the growth of content creators, social media users and even curators. Meanwhile, Gaurav and Meghna realized that their agency and brand clients were actively seeking to license Indian music, but were unable to find relevant content. They experienced this pain point themselves when creating promos and marketing videos for Songfest. But the turning point came when one of India’s leading content creators, Anouchka Sen, received a Content ID claim on YouTube and called Meghna to purchase a license. An in-depth analysis by the founders of creator economy figures revealed that millions of creators in India need music for their content and are willing to purchase licenses to avoid copyright claims.

Having launched the platform now, the industry sees Hoopr as a potential market for video creators, who are actively engaged in using AI to help them find the perfect music for their videos.

With its innovative and aggressively calibrated movements, Hoopr probably goes live with around 25,000 music tracks through its subscription model, at the affordable price of Rs.99 per month. After launching on a consecutive basis backed by start-up estimates, they will be uploading nearly 250 new tracks and 250 SFX to their platform every month.

With an enthusiastic team, the company has already started to clearly attract content creators. As a result, the platform changed from static to dynamic. A lot of effort is invested in fingerprinting, meta tags, DRM and security components. Alongside the micro-licensing model, the platform will also soon launch its macro-licensing (pay-per-track) feature that will allow brands, agencies, OTT platforms and production houses to easily license anyone. which track from several popular labels and artists.

Market statistics: analysis of problems and opportunities

Hoopr operates a $3.8 billion sync licensing market with >10% year-over-year growth. India itself has over 60 million active content creators, with almost 2 million of them pursuing full-time careers in video making. Globally, creators pay around $7-8 per month for subscription. Unfortunately, there is no music license for Indian or Asian contestants.

Hoopr seized the opportunity, made in India and designed for the world. Its web application uses AI-enabled search and recommendation tags and multilingual keywords with gamification and access to soon to follow stems.

Hoopr follows an aggressive go-to-market strategy by making a few deals in the area of ​​commercial and corporate bonuses. With over 500 users on the platform, the company has started generating revenue through its premium licenses. The track ‘Satrangi’ was licensed to Zivame via The Voice Authority agency. Another Hoopr track ‘Single Single’ sung by Nikita Gandhi, was licensed by Viacom 18, for their Valentine’s Day campaign. Brands such as Dr VaidyaSymbo Insurance, Orange Videos, etc. have also used Hoopr’s music for their product and social media videos.

In the business section, they entered into an agreement with a mobile Internet platform “Eight Network”.

Financing and growth plans

GSharp Media has secured $1.5 million in funding from 9Unicorns, Venture Catalysts, Inflection Point Ventures, 91 Ventures as well as investors such as Ashneer Grover, Sahil Barua (Delhivery), Pradyumna Agrawal (Temasek ), Giridhar Malpani, Anuraag Srivastava (Rainshine Entertainment) among others.

Hoopr plans to use the funds on technology offerings, the recommendation engine, increasing its content library and user onboarding. Music that can be licensed for the metaverse and collaborations between artists and content creators in a 3 X Music web space are also on the cards.

Through persuasive efforts of qualitative expansion, they have obtained more than 2500 sound effects from the crowded streets of Mumbai, Indian university festivals, Varanasi, Bengaluru markets, etc. which are not available elsewhere. Hoopr has also included top singers like Nikhita Gandhi, Ash King, Monali Thakur, Mame Khanand Palash Sen.

GSharp Media’s arm, Songfest, successfully conceptualized and executed the brand campaign for Dr. Vaidya’s Chyawanprash range featuring Kishwer Merchant. The film already has more than a million views on YouTube. They also shot a film for global brand ResMed, a medical device company, featuring Baba Sehgal and content for the Mother Sparsh brand.

Their 5-star Valentine’s Day campaign, with over 3.2 million views, was nominated for Kyoorius, one of India’s most prestigious creative awards. With this, they are on track to achieve a revenue rate of Rs 65 lakh in the first quarter of 2023. Songfest’s YouTube channel was able to attract 100 million views across 102 videos with a subscriber base YouTube of over 512,000 users.