Hangout Secures $8.2 Million to Launch New Social Music Platform
Photo Credit: Turntable Labs Inc. / Hangout
Turntable Labs and Hangout secure an $8.2 million investment to launch a new social music platform.Turntable Labs Inc., the company behind the new social music platform Hangout, today announced a seed round totaling $8.2 million ahead of its public launch. Hangout, which allows music fans, coworkers, and other communities to gather, DJ together, and interact in a playful virtual setting, is slated to go live later this year.
Led by Founders Fund, Elizabeth Street Ventures, 468 Capital, and ex-Facebook-led f7 Ventures, the round also includes contributions from angel investor Michael Guimarin, CEO of WordOut. Created by Joseph Perla, one of the founders behind the music service Turntable.fm, Hangout is the manifestation of the original concent that the founder and CEO envisioned for the social listening platform over a decade ago.
âWeâve created Hangout with a positive-sum approach in mind,â notes Perla. âPeople need joyful, meaningful social experiences online: music can facilitate that. And music needs more and more compelling ways to reach people and bring them together. Hangout accomplishes both, as one of the first truly participatory places online for music enjoyment and real-time social interaction.â
Inspired by the social and emotional impact of listening to music with others, Hangoutâs game-like features address the missing layer of excitement and connection Perla feels most virtual social experiences lack. Virtual DJ booths provide users the opportunity to spin their selected tracks exclusively for themselves and their friends, in addition to public themed rooms based on their tastes and interests. Custom avatars can bop on the dancefloor, upvoting their favorite tunes, while chat options keep the party lively by encouraging connections new and old.The latest iteration will incorporate new features for launch, including voice chat and mobile apps for iOS and Android, improve on the basic premise of social listening and making it easy for music lovers, artists, entertainers, and influencers to play music and hang out together with friends, creators, colleagues, and fellow fans.
âHangout is pioneering a new era in music streaming services by integrating social media at its core. Throughout history, music has been social, participatory, and an integral part of community identity,â said Will McClelland, Co-Founder and General Partner at Elizabeth Street Ventures. âWe are thrilled to partner with Hangout as a platform that enhances music discovery, promotes active listening, and brings pure enjoyment to both music lovers and artists in ways previously unimaginable before the internet, and excited to begin a new chapter for social music streaming globally.â
âWeâre 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,â said Florian Leibert of 468 Capital. âIn 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.âIn addition to enabling Hangoutâs official public launch slated for later this year, the funds will enable the company to further expand its engineering infrastructure team in preparation to support millions of active users at scale across the platformâs listening rooms and special events. Hangout is engaged with partners in the music industry in order to be fully legal and licensed for the upcoming launch. Fans can sign up now to get onto the waitlist for its invite-only beta, with full public launch coming later in 2024.
