Set.fm Raises $1.2 Million Seed Round, Taps Into New Revenue Stream for Musicians
Austin-based startup helps artists capture, promote, and sell recordings of live performances.
AUSTIN, Texas, September 4, 2013-- Today, Set.fm announced $1.2 million in seed funding and officially launched Set.fm, a free app that helps working musicians generate additional revenue and stay better-connected with their fans. The seed round was led by Golden Venture Partners of Toronto.
“We got tired of seeing our favorite bands struggle to make ends meet. We knew there had to be a way for artists to make a living doing what they love,” said Matt Peterson, CEO, Set.fm. “Everyone involved with Set.fm, from the team to our investors to our artists and their fans, we’re all connected by the same deep passion for live music. From day one, we set out to help working musicians find new ways to connect with their fans.”
Every aspect of the music business is changing, from how people consume music to how they connect with the bands they love. As CD sales have stalled, more musicians are looking to maximize the revenue that comes from their live performances. T-shirts and stickers are great but what fans really want is a way to take the concert experience home with them.
“You go to any music venue right now, big or small, and you’ll see blue screens raised toward the stage. Fans are desperate for a better way to capture the experience of a live show,” said Matt Golden, partner, Golden Venture Partners. “Now you can go to a show, enjoy the live performance, and then download it on Set.fm and rock out in the car on your way home.”
With Set.fm Studio, artists can capture, promote, and sell recordings of their live performances. Starting today, the industry-leading DIY audio-recording platform is available on iOS or desktop. It’s free, simple to set up, and most artists already have the equipment needed to produce professional-quality recordings.
Artists set a price for their live set (typically from $5-20) and then make the recording available for sale. Immediately after the concert, fans can download the recording from the Set.fm iOS app or from the website. During early testing, up to 15 percent of audiences purchased the live set. Fans can also visit Set.fm artist pages to discuss a favorite jam of the night. The site’s rich social features provide an ongoing link between musicians and their fans.
“We love Set.fm, both the idea and the people behind it,” said Brian Broussard of Mayeux & Broussard. “Set.fm allows our fans to become familiar with our music and to hear what our live set is like even if they can’t make it to our show.”
Set.fm provides tools to help artists determine the best recording setup based on the type of music and venue, suggest tips on how to promote the recording, and offers marketing material for the artists to distribute at the show or hand out at the merch table.
While in beta, the company built a strong network of artists, from independent musicians to major label artists. Set.fm currently showcases live performances from The Olms (featuring Pete Yorn and J.D. King) and Grammy-recognized artists Joseph Arthur and Jake Shimabukuro. Arthur took Set.fm on his latest nationwide tour and captured a guest appearance with Pearl Jam bassist Jeff Ament at the Triple Door in Seattle. Shimabukuro is a ukulele virtuoso who is gearing up to bring Set.fm on his national tour in September.
Artists can download the Set.fm Studio app for free via iTunes. Fans can get the free Set.fm app via iTunes. Learn more about Set.fm and check out some screen shots on our press page.
Set.fm is built by music lovers for music lovers. The free app helps working musicians tap into additional revenue streams. With Set.fm, artists can instantly capture, promote, and sell recordings of their live performances. It’s simple to set up and most artists already have the equipment needed to produce high quality recordings. Now fans everywhere can relive the live show experience long after the house lights have come up. Set.fm is proudly based in the live music capital of the world, Austin, Texas. Learn more at http://www.set.fm.
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