Music Tech Funding: Snapverse Raises $3.5 Million, Applauze Reels In $7.2 Million
It's truly amazing how much money is going into tech companies including those with various degrees of music in the mix. Snapverse, which launched an app combining user video clips and licensed music, yesterday announced major label deals and $3.5 million in funding. Applauze, the company formerly known as 955 Dreams, raised $7.2 million earlier this month to turn their ticketing app into a "lifestyle and luxury" app.
Snapverse Combines User Video With Licensed Music
The iOS app combines short user clips with choices of licensed music. They've even got something called "Selfieoke" that allows you to videotape yourself singing along with a section of a song. And who wouldn't love to receive such a video?
The big news includes a licensing deal with Warner Brothers, Universal and Sony for about 750 tracks. They don't want to do a big catalog. The videos themselves are 20 seconds long so these deals are essentially for song snippets.
They've also raised $3.5 million which is a lot unless you're trying to license a whole bunch of full songs. Normally song snippets are kind of a loser as content but this is the perfect use and the combination of user video and licensed music might appeal to a lot of folks.
Applauze, The Company Once Known As 955 Dreams
But even when they launched Applauze, their event and ticketing app, no one seemed to notice that their initial approach didn't work and they were pivoting. I certainly didn't but with a major investor discussing Applauze, the company, it seems pretty clear that they're all in for the ticketing app.
Founder Kiran Bellubbi says the long-term goal is to develop Applauze into a "lifestyle and luxury" app.
- 955 Dreams Returns With Applauze App For Finding Events & Purchasing Tickets
- 955 Dreams Unveils Band of the Day iPhone App
Hypebot Senior Contributor Clyde Smith (@fluxresearch/@crowdfundingm) also blogs at Flux Research and Crowdfunding For Musicians. To suggest topics for Hypebot, contact: clyde(at)fluxresearch(dot)com.