(UPDATED) Set.fm today announced a $1.2 million seed funding round led by Golden Venture Partners of Toronto. The free app and site, which helps artists record generate additional revenue from live performance, also exited beta today.
With Set.fm Studio, artists can capture, promote, and sell recordings of their live performances. The DIY audio-recording platform is available on iOS or desktop. After recording, artists set the price, typically $5-$20, and put them on sale on the Set.fm site and app. The split varies, but artists generally receive 50% of gross sales.
Social feature's encourage fan interaction and could help turn Set.fm into a hub for live music fans. During early testing, the company says that up to 15% of audiences purchased the live set.
“You go to any music venue right now, big or
small, and you’ll see blue screens raised toward the stage.
Fans are desperate for a better way to capture the experience of a live show,” said Matt Golden, partner, in lead investment firm Golden Venture Partners.
While in beta, the company worked with artists like The Olms (featuring Pete Yorn and J.D. King) and Joseph Arthur and Jake Shimabukuro. Arthur took Set.fm on his latest nationwide tour and captured a guest apperance with Pearl Jam bassist Jeff Ament at the Triple Door in Seattle. Shimabukuro is a ukulele virtuoso who is gearing up to bring Set.fm on his national tour in September.