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LoveLive, a startup that helps artists and record labels manage their music licenses, has secured a £1.7 million (or about $2.7 million) round of funding, the company announced today.
LoveLive’s purpose is to help music artists make more money, which I think everyone can agree is a wonderful idea. More specifically, LoveLive helps record and distribute live performances from musicians. It also helps copyright holders monetize those performances through paid sponsorships from major brands, charging pay-per-view fees to fans who want to see the live stream, and managing distribution channels like YouTube and Vevo. The startup processes over 400 live performances per year from several well-known artists, such as Madonna, Ellie Goulding, and many others. Some of the brands it has worked with include HP, Ford, and Nike.
“Look, anyone can now take their smartphone camera out and record a live show, but you honestly can’t do much with that. It’s just not that easy,” said LoveLive founder and CEO Richard Cohen in an interview with VentureBeat. He added that to make something valuable enough for big brands to take notice requires not only a professionally shot performance video but also a high degree of managing the licensing to ensure you’re able to monetize something that ordinarily you’d likely never see any money from beyond the opening night.
Cohen said the London-based startup plans to use the additional capital to expand its business globally. Earlier this year, the company acquired media startup and relative competitor Show Cobra to help expand its presence in the U.S. LoveLive also plans to use money from the round to continue developing proprietary software that helps music rights holders manage their licenses easily, as well as provide the kind of flexibility needed to pursue new ways of making money through licensing, pay-per-view sales, sponsorships, and more.
The new round of funding comes from a select crop of notable investors with experience in the digital media industry, including Maker Studios executive chairman Ynon Kreiz, Andurand Capital’s Pierre Andurand, former 888 Holdings CEO Gigi Levy, and Access Industry head of media Jorg Mohaupt — as well as Perform Group execs like joint-CEO Oliver Slipper, CCO John Gleasure, and former COO Andy Measham.
Founded in 2012, LoveLive has 50 employees. Cohen said the latest investment is the first part of a larger $20 million institutional round of funding that the company plans to raise in the future.
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