Hook, an AI-powered startup music platform that permits customers to create and earn from legally licensed music mashups and remixes, has introduced it has closed $3 million in extra funding.
With the most recent capital injection, the platform has raised a complete of $6 million, Hook mentioned in an announcement issued on Wednesday (March 26).
The corporate additionally introduced that within the house of 4 months it has struck offers with 16 music companions, bringing on board music from 1,200 artists whose works can be utilized for remixes, amongst them Justin Bieber, Teddy Swims, James Blake, BLOND:ISH, Playboi Carti, Ty Dolla $ign, KSHMR, Hardwell, Swae Lee, Huge Sean, Migos, Soulja Boy, Sadie Jean, Jaden Smith, Killer Mike, and Money Cobain.
Hook’s distinctive promoting proposition is that it gives a treatment to the proliferation of unlicensed content material on social media.
“With 40% of music consumed on social media coming from remixes and mashups, usually created with out correct licensing, Hook gives a reputable resolution for creators whereas making certain that rights holders keep management and monetization of their content material,” the corporate mentioned.
The newest funding spherical included new investments from Khosla Ventures, Kygo‘s Palm Tree Crew, and The Raine Group, together with extra capital from present traders together with Imaginary Ventures, Steve Cohen‘s Point72 Ventures, KSHMR, and Waverley Capital, co-founded by former Warner Music Group CEO Edgar Bronfman, Jr.
“We’ve constructed music’s new ecosystem, the place creativity and rights can lastly coexist.”
Gaurav Sharma, Hook
The brand new capital will go towards accelerating Hook’s advertising and marketing efforts and strategic hiring, with a give attention to person acquisition, the corporate mentioned.
“We’ve constructed music’s new ecosystem, the place creativity and rights can lastly coexist,” mentioned Gaurav Sharma, Founder & CEO of Hook.
“For too lengthy, the business has been caught selecting between defending artists’ rights and enabling inventive expression. Hook creates a future the place followers and creators can freely categorical themselves, artists and labels can correctly monetize their work, and your entire music neighborhood thrives collectively.”
He added: “This isn’t nearly fixing a damaged system – it’s about constructing the inspiration for music’s subsequent chapter.”
Michael Diaz, CEO of Palm Tree Crew, added: “We’re extremely excited to put money into Hook and assist its mission to innovate how artists and creators interact with their work and work together with their followers. We stay up for working with and supporting Gaurav and his crew on this journey.”
Hook introduced in October 2023 that it had raised $3 million in a seed funding spherical led by Waverley Capital and Point72 Ventures. Six months later, it mentioned it had expanded the seed spherical and raised $3.5 million.
Since that point, it has been busy creating partnerships with music rightsholders, together with a cope with Downtown Music in August of final 12 months, a cope with Glassnote Information in October of final 12 months, and a partnership with indie distributor Too Misplaced introduced this previous February.
The corporate launched a remix app for Apple units final September.
“Hook redefines how followers join with the music they love, turning music listening into an energetic canvas for creativity. For artists, this opens up totally new horizons for increasing their affect and unlocking untapped income streams. We’re thrilled to steer the evolution of music expression and creativity, and we are able to’t look ahead to the world to expertise music by Hook,” Sharma mentioned on the time.Music Enterprise Worldwide
