Set.fm Raises $1.2 Million Seed Round, Taps Into New Revenue Stream For Musicians
September 4, 2013 at 8:02 AM (PT)
AUSTIN-based startup SET.FM has announced $1.2 million in seed funding and officially launched 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 CEO MATT PETERSON. "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 GOLDEN VENTURE Partner MATT GOLDEN. "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."
Artists can download the SET.FM Studio app for free via iTUNES. Fans can get the free SET.FM app via iTUNES.