Audio content material manufacturing studio Audio Up has closed its Sequence C funding spherical at what it says is a $150 million pre-money valuation.
The worth of the newest spherical was ”simply shy” of $10 million the corporate has confirmed to MBW, bringing its whole raised to this point to $20 million.
Audio Up says in a press launch that it plans to make use of the proceeds from the spherical to “proceed amplifying” the music aspect of its enterprise, with the newest fundraise arriving 9 months after it struck a three way partnership with Common Music Publishing Group (UMPG).
That settlement with UMG has centered on signing songwriters to create music for Audio Up’s authentic podcast packages. Moreover, UMPG signed an unique, international publishing settlement with songwriter, producer and Audio Up CEO, “Jingle Jared” Gutstadt.
Launched in 2020, Audio Up claims to be “paving the way in which for the subsequent frontier for a way shoppers uncover new music”.
With a purpose to proceed constructing its music vertical, the corporate says that proceeds from the Sequence C increase can even fund the creation of latest copyrights, which it says will “change into the spine of their audio authentic slate”.
The corporate says it has already collaborated with the likes of NAS, Machine Gun Kelley, 24kgoldn, iann dior, Maejor, Nile Rogers, Nessa Barrett, Travis Barker, Scarlett Burke, Trippie Redd and Poo Bear.
The enterprise will proceed to be led by Gutstadt, who additionally has 25 ASCAP award wins, two Emmy Award nominees, and a number of Clio and Cannes Lion Awards to his title.
One other portion of the proceeds shall be used for IP acquisitions to develop Audio Up’s output which has generated 40+ million podcast downloads and almost 100 million music streams throughout 30+ podcasts launched up to now two years alone.
Audio Up has beforehand attracted funding from outstanding business figures like The Weeknd, Wassim “Sal” Slaiby, Larry Rudolph and media entities together with SiriusXM, MGM-Amazon, Main Wave, and Reservoir Media.
Further names from sequence A and B funds included Leisure One’s CEO Darren Throop, producer Will Ward, and Draft FCB founder Howard Draft.
The checklist of music metropolis collaborations alone consists of Miranda Lambert, Florida Georgia Line’s Brian Kelley, Breland, Willie Jones, Scarlett Burke and Elle King, with many extra to be introduced in 2023.
Among the many fund increase’s prime contributors consists of longtime Audio Up investor Ben Lurie who shall be becoming a member of the corporate’s board.
“Jared is an unbelievable visionary within the media house and I’m betting on his management,” Lurie mentioned in a current assertion.
Amongst Audio Up’s targets in 2023 shall be to strengthen its vertical integration technique by constructing new studios and post-production amenities in Nashville; complementing the 2 outposts they have already got in Los Angeles, together with its Brentwood, CA recording house, Audio Chateau.
The Nashville location (Audio Chateau South) shall be an outpost for podcast and music creators; housing visitors and collaborators of the Audio Up world”. in keeping with the press launch.
“Now we have achieved an unbelievable quantity in a really quick time-frame,” mentioned Audio Up founder and CEO Jared Gutstadt.
“Having our enterprise organized round a small group of elite media corporations and leisure luminaries permits us to develop in a method few can match.”
“In success we hope to be on the epicenter of hit data, tv reveals, movies, excursions, and model experiences of the longer term. Discovery has change into one of many greatest challenges for all features of the leisure house. That is our problem and we consider we now have a singular angle into discovery. Come for the podcast, keep for the music.”
Jared Gutstadt, Audio Up
Added Gutstadt: “Our podcast technique goes past the CPM mannequin synonymous with Podcast 1.0 success. Audio Up has change into a real gateway for content material growth and the testing of latest IP.
“Alongside the way in which, our podcasts have gotten a brand new discovery platform for music, and is hitting a blind spot being missed on this inherently audio centric media. By discovering new recording artists and writers which we plug into our content material and into the world of DSPs, we have gotten a go to IP supply for main labels and studios alike.
“In success we hope to be on the epicenter of hit data, tv reveals, movies, excursions, and model experiences of the longer term. Discovery has change into one of many greatest challenges for all features of the leisure house. That is our problem and we consider we now have a singular angle into discovery. Come for the podcast, keep for the music.
“The subsequent section will enable us to push the boundaries additional and eventually have our Encanto or Outdated City Highway Second using the podcast as the fireplace starter.”
Continued Gutstadt: “Our boots on the bottom method permits us to roll up our sleeves with all of our collaborators. This isn’t a enterprise the place you may have distance and company. You must get within the trenches with your entire creators, from Stephen King to Machine Gun Kelly and past.
“We create issues each single day, and the quantity of shopping for lanes has expanded for us considerably up to now few years. We wish to meet this second with the funding to permit us to create as a lot as attainable. That’s the mission for 2023.”Music Enterprise Worldwide