More than 40 labels are now using Drip.fm to run monthly subscription services for their keenest fans, and now the platform – launched by indie label Ghostly International – has raised its first funding. We don’t know how much yet, but it was disclosed in a recruitment ad for an investment consultant. “We have just reached a major milestone as we have raised our first round of capital,” explains the ad, which also signals the company’s expansion ambitions. “To help the company transition into its next phase of growth, Drip is seeking an investment consultant to evaluate opportunities for monetization within our existing business structure as well as exploratory modeling for potential verticals we may choose to enter over the next 18 months.” That mention of “verticals” is interesting: it could signify the intention to take the Drip.fm model beyond music.
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