Social audio platform Gimme Radio has raised $3 million its latest round of funding.
Investors include Wayra X, the 100% remote venture capital branch of Telefónica, who will support Gimme Radio’s international and portfolio expansion.
Wayra X says it has also offered to test and validate the Gimme platform with its “millions” of users across Europe and Latin America.
Other investors in Gimme’s funding round include iHeartMedia, The Orchard, Concord, Metal Blade Records, Riser House Entertainment, and Quartz Hill Records.
Gimme Radio is a platform for artists to create listening experiences for fans, while receiving compensation via digital and physical subscriptions, virtual tipping, ecommerce, and ticketing.
The service currently hosts metal and country/Americana fan communities.
The platform says it has supported more than 1,200 artists across the two stations, with fans spending ~$30 each on tipping and artist merchandise.
Nearly half of all buyers make repeat purchases, says the company.
Gimme Radio also recently launched Airwaves, its artist-in-residence program that gives a curated selection of artists two-hour shows, played every week for a month, and includes promotion to fans through a partnership between Gimme and iHeartMedia.
“Gimme Radio is the future of music fandom and the creator economy.”
Luisa Rubio, Wayra X
Luisa Rubio, Head of Wayra X, Telefónica, said: “Gimme Radio is the future of music fandom and the creator economy.
“When we saw how Gimme brings fans and artists together to create engaging music experiences that offer new revenue streams to artists, we immediately wanted to invest.
“Music and community are each huge growth sectors that are important to Telefónica customers, and we are eager to give them access to Gimme’s vibrant music communities.”
“Telefónica has an unbeatable reputation as an innovator.”
Tyler Lenane, Gimme Radio
Tyler Lenane, CEO, Gimme Radio, added: “Telefónica has an unbeatable reputation as an innovator who brings successful music and entertainment products to global markets, and we are thrilled to be part of the impressive portfolio of Wayra X companies.
“This partnership will allow us to scale up our international presence and expand our ability to reach new multitudes of fans across borders and musical genres–like hip hop and rock– to build the world’s most expansive musical community.”
“We’re excited that Telefónica is joining a strong collection of investors that sees the same promise in Gimme Radio as we do at iHeart.”
Joe Robinson, iHeartMedia
Joe Robinson, iHeartMedia’s President of Corporate Development and Ventures, said: “We’re excited that Telefónica is joining a strong collection of investors that sees the same promise in Gimme Radio as we do at iHeart.
“The resources they bring to disruptive, digital startups are best-in-class, especially as Gimme expands its differentiated monetization schemes for artists, globally.”
In January, iHeartMedia announced plans to create iHeart events and experiences on Roblox, and also stated its committement to enter the metaverse and launch what it called at the time “tokenized communities for its users and creators.”Music Business Worldwide