MUSIXEN's Latest $2M Funding Round Provides a Springboard for Them to Bring Their Livestream Music Platform Worldwide
ISTANBUL, TURKEY / ACCESSWIRE / April 28, 2022 / MUSIXEN was founded in 2020 in Istanbul to make a splash in the live music streaming world. Their initial vision was to make things easier for both sides of the industry, from the artists to the audience, democratising access to live performances by removing the constraints of time and location. Known for their ability to create high-quality, interactive, and enjoyable digital live performances, which enable users to interact directly with the artists in question, MUSIXEN has since built a name for themselves as one of the leading ways for both listeners and venues alike to discover some of the world's most incredible artists.
From blues to jazz, and pop to folk, MUSIXEN is redefining the concept of the stage as no longer just a physical concept, but a digital one through which the entire planet can engage with musicians, while providing them with a more efficient, equitable way to earn a living. Now, having already raised $3m of funding already raised between a pre-seed round and a seed round valuing them at $20m, MUSIXEN is now ready to conquer their journey's next stage: raising $100m in a Series A funding round, a process which will begin before the end of the year.
The Story of MUSIXEN
Out of the millions of artists currently on Spotify, only a few thousand were able to make $50k or more last year. This was among the many problems that entrepreneur Çağrı Bozay sought to rectify before launching MUSIXEN. Sitting at the head of a founding team with almost 70 years of combined experience in sales, eCommerce, media, and VR, Turkish-born Çağrı studied economics before spending over 20 years working for major companies like Avansas.com, Monster.com, DHL, and Hürriyet Media Group. However, his heart was always with the plight of creatives.
With MUSIXEN, Çağrı aimed to solve two other problems: the increasing difficulty musicians faced when trying to make money from live performances, which could comprise up to 70% of their income, as well as the corresponding rise in physical, financial, and social boundaries audiences experienced when trying to engage with their favourite musicians in a real-time context. It's an especially important consideration in today's world, where the amount of streams needed to earn $1 has almost doubled over the course of the pandemic.
Realising that for the most part, only superstars got to enjoy reduced hours and increased income as their careers progressed, Çağrı set off to empower musicians to carve out a sustainable niche for themselves without having to put themselves in situations where their work would be financially undervalued or exploited, be it through legal or illegal means.
A New Approach
Since founding MUSIXEN, Çağrı and his team have evolved his business model to consist of three main strands - working with musicians, ads and sponsorship, and subscriptions. To avoid losing sight of their goal, MUSIXEN only offers music-related content, unlike competitors including Twitch, TikTok, and Bigo Live, who offer categories from gaming to chat. The results of this strictly defined focus have made themselves clear, too, with the average MUSIXEN session lasting up to almost 4x as long as competitors like YouTube Music. What helps too is their focus on engaging experiences, with users able to enjoy gamified donation programs encouraging them to buy virtual flowers and champagne - and even priority song requests - directly in every stream.
The musician-based strand empowers musicians to put on live, public performances, release private content, and create ticketed events. The ads and sponsorship arm complements it with corporate events, music festivals, and brand cooperations. Their subscription arm, as the newest side of their offering, charges users, musicians, and venues a fee for access to their platform, and is slated to become one of their highest income sources over the following years. However, with a strict vetting process taking place before any musician can be onboarded, the quality is sure to remain top-notch.
Paving The Way
MUSIXEN have proven their business model across the world with minimal marketing - a clear representation of the value of their offering. With over 8500 musicians and over 100 live performances per day already on the platform, the MUSIXEN team have entertained over 1.5 million users to date and shows no signs of slowing down. Looking forward, MUSIXEN is aiming to get into the Metaverse world in the near future, targeting AI and AR technologies to help bridge the gap between physical and digital entertainment and herald a new era of musician-driven experiences.
On top of their $3m of existing funding from their pre-seed and seed rounds - the latter of which saw their value soar to $20m - the industry has evidently displayed its interest, with wave after wave of managers, musicians, and venue owners joining the MUSIXEN platform with each passing month. What's more is that MUSIXEN's progress has been recognised throughout a range of international events, including at EWC, at which they were the winner of Turkey and placed in the top 100 of 100,000 other startups globally, as well as at the global finals of AIM 2022 in Dubai. On an institutional level, MUSIXEN has also been recognised by several major international investors, such as Plug&Play, Re-Pie Asset Management Company, and Platform XIT.
Keep up with MUSIXEN
Company Website: https://www.musixen.com/
Company Linkedin:https://www.linkedin.com/company/musixen/
Company Instagram:https://www.instagram.com/musixen/
Company Twitter: https://twitter.com/musixen
PRESS CONTACT:zaki@theprgenius.com
SOURCE: MUSIXEN
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