Hoopr.ai is a music licensing platform that is focussed on solving a billion-dollar problem faced by content creators and businesses every day – discovering & licensing the right music for their videos! While Hoopr.ai is currently catering to the demand for licensed music, it will also be providing a massive opportunity for thousands of musicians to be able to monetise their music in a new way!
The company is looking to build tools and technologies that leverage data and consumer insights to provide intelligent recommendations, thereby making the search and discovery process super-efficient for its users
Medianews4u.com caught up with Vitasta Kaul, Chief Marketing Officer Hoopr.ai
- Hoopr.ai has over 2.5 lakh users. The target now is 10X. Is this happening due to the ability to identify a problem that needs to be solved at scale?
Let me give you some context on the market size today. In 2020, India was clocking 260 million music streams per day. Today, that number stands at 470 million streams per day. In three years, this number has doubled. Music today is the most consumed form of digital content. This number is estimated to grow at 18% year-on-year.
Additionally, there is an expanding market of creators in India who need high-quality, copyright-free music to enhance and monetise their content on social media. Out of the 70 lakh creators that currently exist in India, barely the top 1.7% can monetise their content because they lack access to high-quality, premium Indian copyright-free music. The headroom for growth is immense as the creator economy is growing at a CAGR of approximately 15% YoY.
- The goal is to become a one-stop solution for all content creation needs. How does the company get there?
We are currently the only platform in India building a music and tech-led ecosystem where creators, music, and brands coexist and flourish. On one side, we work with musicians and artists who create proprietary music for Hoopr’s platform. This empowers and strengthens our community of over 6,500 independent artists. On the other hand, content creators use Hoopr’s platform to soundtrack their content with copyright-free music, helping them monetise their creations.
The third element of the ecosystem is brands that work with us for bespoke music-led solutions, leveraging our artist and creator network to amplify brand communication. This, in turn, helps creators make money through Hoopr. In the next five years, we envision Hoopr as a self-sustained marketplace where artists, creators, and brands collaborate and monetize the platform in various ways.
- How does the company leverage tech to help artists monetize their work?
Hoopr leverages technology to help artists monetise their work in several ways:
– Increased discoverability of their music by 250,000 brands and independent creators on the platform.
– Creating a steady source of income for artists via regular commissions of their music for Hoopr’s library.
– Providing relevant business insights and suggesting trending music to help artists create according to user demand.
- What advances in AI and ML are taking place that are allowing Hoopr.ai to fine-tune its services?
We have over 250,000 creators who have been using the platform for the past two years. We have gathered rich data points, including user age groups, geography, download patterns, search history, and musical preferences.
We have started building AI and ML integrations that will enhance the user experience in the next 12 months, including:
– Content-based filtering where AI and ML can identify musical attributes of a song, such as tempo, genre, and instrumentation, and recommend similar tracks to users.
– Personalised recommendations based on search and browsing patterns.
– Natural language processing where users can describe their mood in their natural language and get song recommendations.
– Automated copyright detection that analyses uploaded music for potential copyright infringements, streamlining the licensing process.
– AI-generated suggestions for chord progressions, melodies, or lyrics to assist creators in composing new music.
– AI could allow creators to transform existing music into different styles, opening up creative possibilities.
While Hoopr.ai may not offer all these features at present, these are areas where AI and ML could enhance the platform in the future. Nonetheless, Hoopr will remain an artist-first platform, using AI solely as an enabler in the process of original music creation.
- The creator economy is booming. What role does Hoopr.ai see in helping it reach the next level?
Although the creator economy is booming and growing at a CAGR of 15% YoY, only the top 1.7% of creators can monetise their content. The main reason for this is the lack of access to relevant copyright-free music that could help them avoid claims and takedowns on social and video streaming platforms.
Hoopr has democratised access to high-quality, premium, copyright-free music for all creators through a reasonably priced subscription, allowing them to create content freely and progress on their content monetisation journey. Additionally, Hoopr engages with its creator community through masterclasses, meetups, and brand content-creation opportunities within its ecosystem.
- What is the business model for Hoopr.ai?
Hoopr sits at the intersection of music, technology, and community. It is India’s largest library of high-quality, premium, copyright-free music. Hoopr acts as a bridge between creators of royalty-free music and businesses or content creators who need music for their projects. The platform offers subscription plans that grant users access to the royalty-free music library for a set fee, providing a recurring revenue stream for Hoopr.
For businesses, Hoopr offers various licensing packages with different pricing tiers based on factors such as the type of content, the scale of distribution, and the intended audience. This allows users to select a plan that best fits their needs and budget.
- How is AI helping create music? Can it be trained?
AI has undoubtedly revolutionised the music industry, offering exciting new possibilities for creators. Its ability to generate unique soundscapes, assist in composition, and even create entirely new pieces is impressive. AI can be used to create music in various ways. Generative models can learn from vast music datasets, identifying patterns, styles, and techniques to generate new compositions.
Style Transfer allows AI to transfer the style of one piece of music to another, creating unique soundscapes. Composition Assistance suggests chord progressions, melodies, or harmonies to aid human composers. Sound Design AI generates realistic and unique sound effects, expanding the sonic palette available to musicians.
While AI has made significant strides in music creation, its ethical implications cannot be ignored. AI-generated music raises concerns about whether it can truly replicate the creativity and originality of human musicians. Ensuring AI-generated music that doesn’t infringe on existing copyrights is also a complex challenge. AI models may be biased if trained on biased datasets, leading to music that perpetuates stereotypes or discrimination.
- At the same time, AI might cause more fraud with deepfake voice videos. What can be done to safeguard against this?
Deepfake voice videos, while impressive technological feats pose significant risks. They can be used to spread misinformation, impersonate individuals, or even commit fraud. To safeguard against these threats, raising awareness, developing advanced detection technologies, implementing robust authentication measures, and considering regulatory frameworks is crucial.
- What trends are being seen in the music licensing space?
Brands are becoming increasingly aware that music is a paid commodity and that copyright owners need to be compensated if their creations are used for commercial purposes. We have seen a 300% increase in search volumes and website traffic over the past 12 months, clearly indicating that the market is waking up to the need for ethical music licensing and actively seeking copyright-free music platforms to support their content creation. We are seeing increased demand from D2C brands, production houses, and creative agencies.
- What progress is Hoopr Originals making in discovering unknown talent in India?
Based on Hoopr’s larger mission to be an artist-first platform and the growing popularity of independent music, we are actively working on initiatives to discover and promote emerging Indian artists. We constantly scout for new talent, seeking out musicians and bands across India. We take it a step further by providing mentorship, training, and resources to help artists grow their careers.
We have also begun offering production facilities and distribution channels to help artists release their music. We assist artists in building their brand and reaching wider audiences by leveraging partnerships with industry professionals, music labels, and streaming platforms to create opportunities for emerging artists.
