On an equity crowdfunding platform that launched the day that Regulation A+ allowed anyone to invest in early stage companies, Gigmor, Inc., a social networking platform for musicians, is among the first to carry out a crowdfunding campaign under the new regulation.
The “LinkedIn for the music industry,” Gigmor has partnered with crowdfunding platform StartEngine to raise a seed round of capital for the company’s next stage of growth: transforming how live music is booked by helping talent buyers find the right emerging artists. On the other side, Gigmor helps match musicians with other players and bands, and has over 40,000 members. Founded by the former head of AOL’s E-Commerce, the company has generated over 150,000 matches. Gigmor’s revenues will primarily be a blend of premium subscriptions and transaction fees.
The company notes that live music revenues are a $30B/year global business and growing quickly: ticket sales are up over 30% in five years. This means that musicians at all stages of their careers have a greater need to perform, in order to replace what they formerly earned from royalties. Gigmor’s campaign page notes,
According to founder and CEO David Baird, funds raised will be used to develop a mobile app, a virtual booking engine, expand internationally and add more team members to their staff. Billboard Magazine’s Glenn Peoples said,
As previously featured on Crowdfund Insider, StartEngine is a equity crowdfunding platform connecting millennials and aspiring investors with progressive companies. Based in Los Angeles, the company was created in 2013 by Howard Marks, co-founder of Activision, and Ron Miller. StartEngine seeks to revolutionize the startup business model by helping individuals invest in private companies on a public platform, and helping entrepreneurs realize their dreams.
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