The potential of the creator economy couldn’t be overemphasised. The industry has touched the $105 billion mark globally and as per the report of Kalaari Capital, the total number of content creators in India alone has reached between 60million and 80million. It is estimated that close to 2 million content creators are working full-time creating vlogs, podcasts, live streams, online courses and other forms of video. The creators now have a variety of mediums to take their creativity to audiences and by 2025, this number is expected to cross the 10 million mark in India.
Amidst such enormous possibilities, one of the critical problems faced by content creators is the issue of copyright strikes that arise due to the unauthorised use of music tracks. As these music compositions are protected by copyright laws, any unlicenced use could result in serious implications including monetary fines and prosecution under civil and criminal law.
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Hoopr is founded with an objective to solve this critical problem, says its co-founder & CEO, Gaurav Dagaonkar. The startup is already helping thousands of Indian content creators and businesses to identify and licence the right music for their videos. This enables them to create better content as well as steer clear of any copyright violations.
For brands, agencies, and content studios, Hoopr provides a multi-purpose licence that enables them to use songs and music in their web shows, movies, influencer videos and advertisements. “By providing music that can be licenced legally, Hoopr is also providing thousands of musicians a new avenue to monetise their music while offering insightful recommendations to customers on discovering and searching for the right music,” claims Dagaonkar.
Within a short span, Hoopr has carved a place for itself in the industry, says Dagaonkar. “We are looking to build tools and technologies that leverage data and consumer insights to provide intelligent music recommendations, thereby making the search & discovery process super-efficient for our consumers.”
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Funded by well-known investors Ashneer Grover (BharatPe), Venture Catalysts, 9Unicorns, Sahil Barua (Delhivery), Inflection Point Ventures, Anshoo Sharma (Magicpin) and others, the startup raised a total of $1.5million in a seed round funding in December, 2021. The platform has a strong catalogue of 25,000 tracks and special effects .
Meghna Mittal, co-founder of Hoopr, says, “With passion and craze of storytelling and content creation sweeping the world, Hoopr is very well poised to further revolutionise this wave of creativity.” In terms of future plans, Hoopr is investing in technology to scale up its music library and provide recommendations to its users, with an ambitious objective of onboarding 100,000 users in the next couple of few months.