Audio content material manufacturing studio Audio Up has closed its Collection 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 thus far 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 joint venture with Universal Music Publishing Group (UMPG).
That settlement with UMG has centered on signing songwriters to create music for Audio Up’s unique podcast packages. Moreover, UMPG signed an unique, world publishing settlement with songwriter, producer and Audio Up CEO, “Jingle Jared” Gutstadt.
Launched in 2020, Audio Up claims to be “paving the best way for the following frontier for a way shoppers uncover new music”.
So as to proceed constructing its music vertical, the corporate says that proceeds from the Collection C increase will even fund the creation of recent copyrights, which it says will “grow to be the spine of their audio unique 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 identify.
One other portion of the proceeds will probably be used for IP acquisitions to develop Audio Up’s output which has generated 40+ million podcast downloads and practically 100 million music streams throughout 30+ podcasts launched prior to now two years alone.
Audio Up has beforehand attracted funding from outstanding trade figures like The Weeknd, Wassim “Sal” Slaiby, Larry Rudolph and media entities together with SiriusXM, MGM-Amazon, Primary Wave, and Reservoir Media.
Extra names from sequence A and B funds included Entertainment One’s CEO Darren Throop, producer Will Ward, and Draft FCB founder Howard Draft.
The listing of music metropolis collaborations alone contains 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 contains longtime Audio Up investor Ben Lurie who will probably 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 aims in 2023 will probably be to strengthen its vertical integration technique by constructing new studios and post-production services 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) will probably be an outpost for podcast and music creators; housing company and collaborators of the Audio Up world”. in accordance with the press launch.
“We’ve got achieved an unbelievable quantity in a really brief time-frame,” mentioned Audio Up founder and CEO Jared Gutstadt.
“Having our enterprise organized round a small group of elite media firms and leisure luminaries permits us to develop in a manner few can match.”
“In success we hope to be on the epicenter of hit data, tv reveals, movies, excursions, and model experiences of the long run. Discovery has grow to be one of many greatest challenges for all features of the leisure house. That is our problem and we imagine we’ve a novel 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 grow to be a real gateway for content material growth and the testing of recent IP.
“Alongside the best way, 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 long run. Discovery has grow to be one of many greatest challenges for all features of the leisure house. That is our problem and we imagine we’ve a novel angle into discovery. Come for the podcast, keep for the music.
“The subsequent section will enable us to push the boundaries additional and at last have our Encanto or Outdated City Street Second using the podcast as the fireplace starter.”
Continued Gutstadt: “Our boots on the bottom strategy permits us to roll up our sleeves with all of our collaborators. This isn’t a enterprise the place you’ll be able to have distance and company. You must get within the trenches with all your 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 prior to now few years. We need 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