A platform that provides royalty free music to YouTubers, Epidemic Sound, has secured new funding to further expand its business. The new cash injection comes from Kichi Invest, an investment company co-founded by Fredrik Wester, CEO of Swedish gaming firm Paradox Interactive.
Founded in 2014, Epidemic Sound provides library music and bespoke compositions to big brands and bedroom YouTube video makers where the producer pays a one-off fee or monthly subscription and doesn’t have to subsequently pay ongoing performance royalties per play. Last year it apparently turned over $6 million and this new round of funding more than doubles its valuation to $45 million.
“Currently, we have hundreds of thousands of content creators on YouTube using our music”, says founder and CEO Oscar Höglund. “We plan to ride this wave to dominate the global market and become the main provider of music to all manner of today and tomorrow’s online creatives and creators by 2020. We are excited to have Fredrik’s onboard as he has great knowledge and expertise”.
Kichi Invest CEO Oscar Ingdahl adds: “[Epidemic Sound] now boasts a global customer base, a healthy seven figure revenue and powers a large proportion of the mobile and online-media industry with a recurring subscription model for music – investing was a no-brainer for us. We are excited to impart our experience and help the team move from generating millions to billions in revenue”.[from http://ift.tt/2lvivLP]