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Music Collaboration App WholeWorldBand Receives €5 Million Funding Round

Whole-world-band-logoEarly this year WholeWorldBand received the Burma Meets Tech Award at Eurosonic Noorsderlag for their app that faciliates audio/video collaborations among musicians that are then distributed via social sharing. The monetizable service also seems to be developing as a marketing platform. In another landmark, WholeWorldBand today announced an A round of €5 million ($6.84M).

WholeWorldBand's €5 million A round was led by IIU and Balderton Capital.

Chairman of IIU Dermot Desmond stated:

""WholeWorldBand addresses a global market and will fundamentally change the way music is created, shared and monetized."

Balderton Capital's Barry Maloney pointed out:

"WholeWorldBand creates a new revenue model for Artists and is underpinned by a world class rights management system. Balderton Capital sees enormous potential in WholeWorldBand."

I've previously written about WholeWorldBand which monetizes, at least in part, by allowing artists to charge for participation in new mix creation.

Play on a single from Within Temptation on WholeWorldBand!

But it looks like they're also developing a possible marketing revenue stream. WholeWorldBand uses YouTube and social media outlets to share and spread the word about finished work. This approach lends itself naturally to such marketing campaigns based in music participation such as this campaign for Within Temptation shown above.

There's also advertising on at least some of the YouTube videos and possible related iTunes sales as well. Longterm there are also merch and tour promo possibilities.

Overall WholeWorldBand looks quite promising.

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Hypebot Senior Contributor Clyde Smith (@fluxresearch) posts music crowdfunding news @CrowdfundingM. To suggest topics about music tech, DIY music biz or music marketing for Hypebot, contact: clyde(at)fluxresearch(dot)com.

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