New App Flipagram Raises $70 Million, Pacts With Major Labels, Publishers
July 16, 2015 at 4:38 AM (PT)
TECH CRUNCH calls FLIPAGRAM a mix of INSTAGRAM and YOUTUBE, as the music industry's hot, new mobile app announces it has raised $70 million in a round of funding among the top SILICON VALLEY investors. The company's valuation is hovering around $300 million as top GOOGLE backers MICHAEL MORITZ and JOHN DOERR join its board of directors.
With music being added to these posts via iTUNES links, FLIPAGRAM has announced agreements with the three majors, UNIVERSAL MUSIC GROUP, SONY MUSIC ENTERTAINMENT and WARNER MUSIC GROUP, as well as chief indies MERLIN and THE ORCHARD, along with music publishers SONY/ATV, UNIVERSAL MUSIC PUBLISHING GROUP and BMG, which allow music clips to be used with the storytelling.