Sweden's Epidemic Sound celebrates $5m investment
Since the dawn of iTunes, the music industry has changed beyond all recognition, with digital downloads now driving the greatest proportion of revenue for the established Goliaths. Epidemic Sound is aiming to take the industry one step further, following an inaugural Series A funding win.
Leading Nordic VC firm Creandum, best known for early investments in Spotify, iZettle and Vivino, is committing $5 million to the tuneful young David. Founded in 2009 by a group of award-winning Swedish TV and internet entrepreneurs, the startup has drawn in listeners worldwide, and is currently working in perfect harmony with an impressive range of companies including Disney's Maker Studios and Germany's Mediakraft.
Further growth is now expected, with some of Creandum's investment going towards expanding operations in Holland, Germany, the UK and US. The innovative service makes the music rights process much less complex, as unlike other music providers who just represent artists, Epidemic Sound owns the rights to every song in its library. As a result, it's proving hugely popular amongst broadcasters and online producers alike.
Clear opportunities lie in the visual content market where global demand is expected to skyrocket due to Epidemic's ability to offer an unrestricted service. In tandem with a library of over 30,000 tunes, this exciting startup is on course to truly disrupt the more traditional players like Universal, Sony, BMG, EMI and Warner.