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Hook Raises $3m For Licensed Fan-made Remixes On Social Media
A rising selection of enthusiasts need to have interaction with track, remixing it or mashing it up to be used on social media. However the licensing offers are on occasion having to meet up with this behaviour. A new startup referred to as Hook is launching with $3m of investment to take a look at to construct a criminal type across the development.
The corporate has constructed a carrier to allow enthusiasts to “remix their favorite songs briefly, simply and legally and proportion them with the arena”, with partnerships to make sure rightsholders receives a commission for it.
The corporate’s founder and CEO is Gaurav Sharma, former leader working officer of Indian streaming carrier JioSaavn. “Fan-created remixes on social media are serving to pressure track discovery, re-discovery and virality – however how it’s going down doesn’t strengthen rights holders,” he mentioned in a remark.
The $3m investment spherical was once led by means of hedge fund Point72 Ventures, in addition to Waverley Capital, which was once co-founded by means of track business veteran Edgar Bronfman Jr. Hook plans to release in personal beta later this .
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