Video games giant SEGA has invested in India-based music startup Flutin, a music discovery platform focused on independent artists.
Using AI, the free service tracks music listening behaviour of its users and recommends the most relevant tracks from emerging and independent artists.
Flutin says that it has over 9 million downloads, over 300,000 Daily Active Users (DAUs) and is streaming 3m songs daily.
The company has also raised funding from the GHV Accelerator and some HNI Angels and other “corporate investors”.
Flutin says that the new investment will enable it to further strengthen its user base in key markets like the US.
“Investing in Flutin is part of SEGA’s effort to advance into the music industry. They believe in us because of the approach we are taking in supporting emerging musicians and providing them substantial tools to grow their fanbase.”
Vishu Gupta, Flutin
Flutin founder and CEO Vishu Gupta (pictured), said: “Investing in Flutin is part of SEGA’s effort to advance into the music industry.
“They believe in us because of the approach we are taking in supporting emerging musicians and providing them substantial tools to grow their fanbase.
“63% of total music revenue in Japan comes from independent music, and SEGA understands that this will be reflected globally in a few years.”
“They believe that platforms like Flutin that support emerging artists and help surface new talent in the industry are going to play a vital role in the next wave of change in the music industry.”
“In markets like India and in areas like streaming music and music-based mobile apps, we see a great potential for growth and innovation, which is why we’re excited to support Flutin as it continues to create value for musicians and music lovers worldwide.”
Toshihisa Kiyomiya, SEGA
“SEGA has often taken a broad view of entertainment, within and outside the gaming space, and looked for meaningful partners and investment opportunities,” says Toshihisa Kiyomiya, investment director of SEGA.
“In markets like India and in areas like streaming music and music-based mobile apps, we see a great potential for growth and innovation, which is why we’re excited to support Flutin as it continues to create value for musicians and music lovers worldwide.”Music Business Worldwide