Spotlite is a direct-to-fan live-streaming music platform that combines video, live streaming, messaging and gifting to enable artists to perform covers and earn money. The app partners with publishers including Sony/ATV and Universal Music Group to provide licensed songs and maintains different tiers of revenue-share with publishers. Listeners buy virtual coins (for example, $5.99 for 599 coins) to gift artists, and artists can convert diamonds into cash with a daily maximum cash-out of $500. Spotlite also runs contests that award cash prizes (one contest offers $1,000 or more) and allocates part of its revenue to reward winners; some creators reportedly earn thousands per month. The company launched a couple of months ago on iOS and Android, currently has 250,000 active users, and sits at No. 32 on the Apple App Store’s top free music apps chart. It plans to use funding to build out the product, make key hires, expand marketing and advertising, and to expand into Latin American and Asian markets in the next 12 months. The team cites the success of the gifting model in Asia (China’s live-streaming market grew 180% year-over-year to $3 billion last year, per iResearch) and expects to generate income via virtual gifting, memberships and advertising sponsorships.

Total raised

$10M

Funding rounds

1

Latest round

Equity

Latest activity

Dec 2017