Hoopr Company Profile

Background

Hoopr, established in 2021, is India's pioneering AI-powered music licensing marketplace. The company is dedicated to providing video creators and businesses with access to royalty-free music, enabling them to enhance their content without the complexities of copyright issues. By offering a diverse library of music tracks across various languages, genres, and moods, Hoopr plays a significant role in supporting the burgeoning creator economy in India.

Key Strategic Focus

Hoopr's strategic focus centers on:

AI-Powered Music Recommendations: Developing an AI-driven engine to assist creators in swiftly finding suitable soundtracks for their content.

Expanding Music Library: Curating an extensive collection of themes, songs, and sound effects tailored for individual creators, brands, agencies, and platforms.

Supporting Emerging Artists: Through initiatives like "Hoopr Originals," the company promotes undiscovered talent, providing artists with opportunities to showcase their work and generate revenue via sync licensing.

Financials and Funding

In December 2021, Hoopr secured $1.5 million in seed funding. The round was led by 9Unicorns and Venture Catalysts, with participation from Inflection Point Ventures, 91Ventures, and notable angel investors including Ashneer Grover (BharatPe), Anshoo Sharma (Magicpin), Sahil Barua (Delhivery), Giri Malpani, Anuraag Srivastava (Rainshine Entertainment), Pradyumna Agrawal (Temasek), and Vaibhav Karnavat. The funds are allocated towards enhancing the AI-powered recommendation engine and expanding the music library.

Technological Platform and Innovation

Hoopr distinguishes itself through:

AI-Powered Music Licensing Platform: Utilizing artificial intelligence to offer personalized music recommendations, streamlining the process for creators to find appropriate tracks.

Comprehensive Music Library: Providing a vast array of music tracks and sound effects, catering to diverse content creation needs.

Leadership Team

Gaurav Dagaonkar, Co-founder and CEO: An IIM Ahmedabad alumnus and award-winning music producer, Gaurav co-founded Hoopr to address the challenges faced by content creators in sourcing licensed music.

Meghna Mittal, Co-founder: Formerly associated with Hubilo and Yesssworks, Meghna brings extensive experience in entrepreneurship and business development.

Rakesh Nair, Chief Technology Officer: Appointed in June 2024, Rakesh has over 16 years of experience, including roles at SHEROES, Mahila Money, and BookMyShow, where he contributed to platform development and information security.

Vitasta Kaul, Chief Marketing Officer: Joining in June 2024, Vitasta has over 17 years of experience in brand strategy and digital transformation, with a background in scaling early-stage startups across various sectors.

Leadership Changes

In June 2024, Hoopr strengthened its executive team by appointing Rakesh Nair as CTO and Vitasta Kaul as CMO, aiming to drive growth in the expanding creator economy.

Competitor Profile

Market Insights and Dynamics:

The global music publishing industry was valued at $5.96 billion in 2020 and is projected to reach $9.35 billion by 2028, growing at a CAGR of 5.9%. India's creator economy is experiencing significant growth, with over 100 million creators across various platforms.

Competitor Analysis:

Artlist.io: A global platform offering royalty-free music and sound effects, catering to a broad audience of content creators.

Madverse.co: A free music distribution platform focused on promoting music effortlessly, with a significant user base in India.

Gaana.com: A leading Indian music streaming service providing a vast library of songs across multiple languages and genres.

Wynk.in: An Indian music streaming app offering a wide range of music tracks and sound effects.

These competitors offer diverse music libraries and services, posing challenges to Hoopr's market position.

Strategic Collaborations and Partnerships

Hoopr has partnered with numerous music creators globally to enhance its content offerings, aiming to provide Indian music creators with opportunities to reach a global audience and monetize their music.

Operational Insights

Hoopr's strategic initiatives, including AI-driven recommendations and support for emerging artists, position it uniquely in the market. The company's focus on providing copyright-safe music tailored to the Indian creator economy offers a distinct competitive advantage.

Strategic Opportunities and Future Directions

Hoopr plans to:

Expand Music Library: Continuously grow its collection to cater to diverse content creation needs.

Enhance AI Capabilities: Further develop its AI-powered recommendation engine to improve user experience.

Support Emerging Artists: Continue initiatives like "Hoopr Originals" to promote undiscovered talent.

These strategies aim to solidify Hoopr's position as a leading music licensing platform in India.

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