What: Startup Spotlite has raised US$10 million from Sequoia Capital China and BlueRun Ventures.
Why it matters: The funding will be used to construct out the product, make key hires and develop its advertising and marketing and promoting efforts, particularly in LatAm and Asian markets.
Startup Spotlite has raised US$10 million from Sequoia Capital China and BlueRun Ventures. The funding will be used to construct out the product, make key hires and develop its advertising and marketing and promoting efforts.
Spotlite is a direct-to-fan music platform for artists who need to make money and have direct entry to their followers, according to TechCrunch. The app combines video, reside streaming, messaging know-how and gifting to set up an enterprise mannequin that permits aspiring artists to make money.
Through Spotlite’s partnerships with publishers like Sony/ATV and Universal Music Group, customers have access to a wide range of songs to carry out covers to. Listeners can then reward digital cash that is redeemable for actual money, to their favorite artists. Spotlite has completely different tiers of revenue-shares with publishers.
According to founder Ke Tang, with Spotlite, the thought is to “create a new gifting model that may fit different countries.”
Spotlite, which launched simply a few months in the past on each iOS and Android, at the moment has 250,000 lively customers. In the following 12 months, the plan is to develop into the Latin American and Asian markets. The app at the moment sits at No. 32 on the Apple App Store’s prime free music apps chart.
“Currently our focus is increasing users and perfecting the product,” Spotlite VP of Marketing and Content Gina Juliano mentioned. “We expect to generate income via different model,s including virtual gifting, memberships and advertising sponsorships, etc.”