Reykjavik, Iceland-born music-making app Overtune has closed a USD $2 million seed round.
Overtune allows smartphone users to arrange beats, record vocals and share content to their socials.
The startup says that its shareholders include Charles Huang, founder of gaming franchise Guitar Hero, and former CEO and chairman of Sony Music UK [134 articles]” href=”https://www.musicbusinessworldwide.com/companies/sony/sony-music-group/sony-music-entertainment/sony-music-uk/”>Sony Music UK Nick Gatfield.
Amongst the firm’s new investors are media company Whynow, founded by Mick Jagger’s son Gabriel Jagger.
Overtune was founded in 2020 by Sigurdur Arnason, Jason Dadi Gudjonsson and Petur Eggerz Petursson.
Overtune says that it ams to “democratize music creation” and bills itself as a way to create original music for social media content on platforms such as TikTok and Instagram [323 articles]” href=”https://www.musicbusinessworldwide.com/companies/facebook/instagram/”>Instagram.
On the loop-based music creation app, users can make beats based on genres or themed sound packs, such as ‘Nightclub in Berlin’.
Users can then program drums, create melodies, and record and harmonize vocals to create social media audio content.
Overtune is the latest music-making app to raise a multi-million dollar round of funding.
In May 2021, Rapchat, a music-making app and discovery platform for hip hop artists, closed a $2.3m funding round led by venture capital firm Adjacent and Sony Music Entertainment [1,200 articles]” href=”https://www.musicbusinessworldwide.com/companies/sony/sony-music-group/sony-music-entertainment/”>Sony Music Entertainment.
In April 2022, social music-making platform BandLab revealed that it raised $65 million in a Series B round, with a post-money valuation of $315 million.
“I am thrilled to have Gabriel and the whynow team on board at Overtune.”
Sigurdur Arnason, Overtune
Sigurdur Arnason, co-founder and CEO at Overtune, said: “I am thrilled to have Gabriel and the Whynow team on board at Overtune.
“In a few short weeks they have impressed me with their agility and startup mindset.”
“Traditional music apps (is_ locking many out of the content creation economy.”
Petur Eggerz Petursson, Overtune
Petur Eggerz Petursson, co-founder, added: “Traditional music apps and composition programs have been accessible only to individuals with extensive technical and musical expertise, locking many out of the content creation economy.”
“Virality on Social media is powerful, yet unpredictable.”
Jason Dadi Gudjonsson, overtune
Jason Dadi Gudjonsson, co-founder, said: “Virality on Social media is powerful, yet unpredictable.
“With the increase of TikTok and Instagram Reels content the modern media format has changed.
“Overtune is made to fit the needs of the creative social media users who want to be able to create content on the fly – giving users a tool that allows them to project their own identity through sound rather than relying on pre-existing songs when making content.”Music Business Worldwide