Funding to further develop proprietary technology and advance global operations
NEW YORK, March 9, 2021 /PRNewswire/ -- Songclip, the patented technology solution for integrating popular licensed music as a feature in social apps, today announced that it has closed $11 million in new funding, led by Gregg Smith of Evolution VC Partners. Songclip works in partnership with the music industry to properly protect and monetize music IP, opening up a new $5 billion marketplace for music in apps. This new raise includes participation by The Kraft Group, Michael Rubin, Raised in Space, Gaingels, and Forefront Venture Partners. Industry executives Jason Flom, Steve Greenberg and the band AJR, join previous investors such as iHeartMedia Ventures, SWAT Equity Partners and Northwood Ventures. To date, Songclip has raised $22 million.
"Social communication and expression represents one of the most exciting sectors for the music industry," said Gregg Smith, Founder, Evolution VC Partners. "Songclip unlocks this new global opportunity, with turn-key technology and industry support."
Songclip works on behalf of the music industry to supply back-end technology and licensing to facilitate music integrations, compliance, measurement and monetization across a variety of consumer app sectors. Offering a curated feed of legally cleared music clips, inclusive of publishing and sync rights, the company's multi-patented product solution, the Songclip API, integrates seamlessly into social platforms, mobile apps, and virtual marketplaces. Songclip operates the world's foremost searchable library of compliant meta-tagged music clips, providing robust data/analytics on consumer interactions with music, while also driving distribution, consumption, discovery and monetization for IP owners.
"Songclip's mission is to protect music industry IP on behalf of the rights holders, while creating a pathway for apps to innovate with music," said Andy Blacker, Co-Founder and CEO. "Music has become the most sought-after feature for dating, photo and fitness apps, and Songclip makes this possible, with accountability and industry compliance."
"Songclip reimagined music in a new format designed specifically for social expression, discovery and creation," said John vanSuchtelen, Co-Founder and COO. "Our API and proprietary search engine make it easy for developers to leverage these key moments in any song, allowing for richer consumer interactions."
The new investment will be allocated to further developing Songclip's product offerings and search engine, data analytics and deployment of the API. The company will be recruiting additional, diverse, top-tier talent to grow Songclip's current team of music, mobile, and product experts. Songclip's founders are formerly from Bandsintown and Zynga.
"The time has come that the demand for music integration from the countless digitally native companies can no longer be met by the licensing frameworks currently utilized by the music industry. Leaving money on the table is simply not an option for music creators and rights holders. Songclip's platform allows the music industry to meet this ballooning demand and generate a significant revenue stream that has traditionally simply been untapped," stated Zach Katz, Partner and CEO and Shara Senderoff, Partner and President, Raised In Space.
Songclip™ is a new licensed music format built specifically for texting, social posts, and quick communication. Songclip's multi-patented product solution, the Songclip API, integrates seamlessly into social platforms, mobile apps, and virtual marketplaces to drive expression, monetization, and music streaming. Songclip operates the world's foremost searchable library of meta-tagged music clips, in partnership with the music industry. For more information, visit songclip.com.