Songclip raises $11M to unlock $5B in revenue from music on social media, in apps
Songclip has closed an $11 million funding round to license and monetize music on social media and other apps.
Songclip estimates that music in apps could be a source of $5 billion in annual revenue to artists and the industry.
To date, the startup has raised $22 million. Songclip’s founders are formerly from Bandsintown and Zynga.
“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.”
“Social communication and expression represents one of the most exciting sectors for the music industry,” said Gregg Smith, Founder, Evolution VC Partners.
The new funding round is led by Evolution VC Partners and 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, joining previous investors iHeartMedia Ventures, SWAT Equity Partners and Northwood Ventures.