Soundation is one of the startups trying to help musicians of all levels make music online. The Swedish startup claims to have more than 75,000 monthly active users of its browser-based studio service, mainly in the US, and is one of the more established companies in the space having launched in 2009.
Now Soundation has raised $500k of new funding and appointed a new CEO, Adam Hasslert, while kicking off what it describes as an “offensive recruitment phase”.
The company says it’s targeting “first-time producers with high ambitions”, citing a recent study suggesting that the number of ‘casual’ music-makers will fuel a market worth $1.45bn by 2021.
“We are driven by enabling music creation for more people around the world. With the interest in music production increasing significantly, we see great potential,” said Hasslert, as the funding was announced.
There are some notable competitors in this space though: Splice has raised $47m in funding and attracted 1.5 million users, while Soundtrap was recently acquired by Spotify for a reported €51m.