These are exciting times for the music creation tech space, which is growing its users and securing plenty of investment. BandLab is one of the most prominent startups in the sector, and yesterday it hit a new milestone: 30 million registered users. That’s up by 150% since 2019, when it reached the 20m mark.
While BandLab did not say how many monthly active users it has, its community is now creating more than 10m tracks a month using its recording and editing tools. “We’ve seen activity grow naturally. Last year, it exploded and it hasn’t slowed down,” said CEO Meng Ru Kuok, adding that “our users trend young and relatively more gender balanced than audio sharing platforms and studio tech traditionally have been”.
Midia Research recently estimated that the ‘music software, sounds and services’ sector will grow from $884m of annual revenues in 2019 to $1.86bn by 2027, adding that there are now 14.6 million ‘digital music creators’ globally, including 4.7 million who self-release their music. Meanwhile Splice, another key company in the space, recently raised a $55m funding round valuing it at $500m.