Boston-based Snapverse announced on Tuesday it has raised a $3.5 million round of funding and has officially licensed music from industry leaders Universal, Warner Brothers and Sony.
Snapverse is a free mobile app for iOS that allows users to make 20 second music videos, using sound effects and licensed songs, and share their creations on social media networks, SMS and e-mail.
Snapverse was launched in April, but was pretty quiet until the end of the summer.
The idea behind Snapverse is that most user-generated music videos online are created without the permission of the artists. The company's mobile app reassures users they are obtaining music through legitimate channels and not violating copyright laws. It also opens up new revenue opportunities for the music industry.
Content is available from artists such as Macklemore, The Offspring and Pearl Jam, though Halloween sound bits are currently Snapverse's trending topic.
“Snapverse is a new kind of mobile video experience for the social world – one that gives users full creative freedom with real music they love,” said Scot McCracken, CEO & Founder of Snapverse, in this morning's press release. “Sing your heart out to your favorite lyrics and share anywhere on the web – without worrying about your creation getting removed by the powers that be.”
According to TechCrunch, the funding came from a personal investment by John Hannan of New York-based Apollo Global Management.
Here is a sample Snapverse of Elmo breaking it down to Miguel.
