Turntable Labs raises $8.2m to launch social music streaming platform Hangout
Summary
Michael Guimarin, CEO of WordOut, also contributed as an angel investor.The announcement comes more than a year after Turntable Labs revealed it had raised $7 million in an earlier seed round. The platform is designed with a positive-sum approach, aiming to facilitate joyful and meaningful social experiences online, Perla said.Music needs more and more compelling ways to reach people and bring them together. With Hangout, users can take control of virtual DJ booths to spin tracks for their friends and others, participate in themed public rooms, and use custom avatars to dance and interact.The platform also offers voice chat, mobile apps for iOS and Android, and enhanced social features.Were thrilled to support Hangout as it leads the way in this next evolution of social music, paving the path for a new era of digital community, said Florian Leibert of 468 Capital.In an era where digital connections are increasingly central to our lives, Hangout is at the forefront of revolutionizing how we experience music online. By combining music with social interaction, it offers a new way to build shared experiences and strengthen community bonds online.The $8.2 million investment will be used to expand Hangouts engineering infrastructure and support millions of users across its various features and events, Turntable Labs said.The company said it is working closely with partners in the music industry to ensure the platform is fully licensed and ready for its public launch later in 2024. Fans can sign up for the invite-only beta and get on the waitlist as the official launch approaches.Earlier this year, Hangout partnered with blockchain-based music streaming fraud detection company Beatdapp to combat streaming fraud.The collaboration seeks to prevent fraudulent activity on the Hangout FM platform, aiming to protect artists and ensure they receive fair compensation for their work.