Output, a tech company whose software has been used in songs by Drake, Coldplay, Justin Bieber and Rihanna and musical scores including Stranger Things, Game of Thrones and Black Panther – has raised a $45 million Series A investment from Summit Partners.
The Los Angeles-based company was founded in 2013 by CEO Gregg Lehrman, an ASCAP-award winning composer who got his start under Hans Zimmer and later produced sounds for various music software platforms.
Output develops software for musicians, composers, producers and sound designers, including virtual instruments and FX in addition to samples and loops available through its Arcade app. The company also makes studio furniture.
The company claims that its software is used by producers, songwriters and composers to “find inspiration and break through writer’s block”.
According to a press release announcing the new investment, Output’s flagship music creation application Arcade is used in 167 countries and was originally “intended to help music professionals turn a library of tens of thousands loops and sounds into tracks”.
Output claims that more than 50% of Arcade sessions result in the writing of a new track and that the “average user locks in a track within fifteen minutes”.
In addition, Output states that more than 420,000 musicians have been supported by the Arcade platform since 2018 and that the company has seen a 300% increase in monthly recurring revenue (MRR) in the last 12 months.
This minority investment represents Output’s first-ever fundraise and will support the company’s continued global growth and expansion of its digital production platform, including the addition of playable instruments and mobile applications in 2021.
Output claims to be one of the first SaaS solutions at this scale to offer loops, samples and melodic content in one unified platform for music creation.
“Technology democratized the creation process for video and photos. It makes sense that technology adoption would transition to music making.”
“Technology democratized the creation process for video and photos. It makes sense that technology adoption would transition to music making,” said Lehrman, Output Founder and CEO.
“We are working to inspire a new generation of music makers with a platform that brings the power of a studio to anyone, wherever they are. Summit’s deep experience in consumer technology, digital media and e-commerce make them an ideal partner to help accelerate our global impact.”
“We believe Output is at the forefront of digital music creation.”
Andrew Collins, Summit Partners
Andrew Collins, a Managing Director with Summit Partners who has joined the Output Board of Directors, added: “We believe Output is at the forefront of digital music creation, offering a truly elegant, professional-grade platform that is accessible to music makers at all levels.
“Gregg and team have built an innovative company culture and a vibrant community of musicians– and they have done it all in a thoughtful, capital efficient manner. We’re thrilled to partner with them for this next phase of growth.”Music Business Worldwide