Splice just earned $35 million in funding. But, what is it and why does it matter?
Four years after its launch, Splice has paid independent artists $5 million. The company also just scored $35 million in a Series B funding round.
The idea powering these amounts is pretty simple.
BeatStars provides music producers with a hip-hop marketplace. You can jump right in and purchase, license, or even give away free beats.
Steve Martocci founded Splice with a similar idea. Why not sell digital tools and samples to music makers? Also, why can’t it pay them for uploading their own tracks?
Splice, a cloud-based platform, lets anyone buy samples and materials for music. It currently has an extensive, royalty-free library of samples.
Here’s how the platform works. First, you can sign up for a free trial where you can browse over 1 million sounds from the world’s best providers. You can then preview and download individual sounds.
Once the free trial ends, you can sign up for a monthly subscription that starts at $8. Once you’ve downloaded a music sample, the sound is yours forever, even if you cancel.
Producer Oak Felder recently used a sample from Splice in Demi Lovato’s hit single, ‘Sorry Not Sorry.’ The popular track hit #1 on Billboard’s Pop Songs Chart last October. Felder has previously worked with Rihanna, Ariana Grande, and Miguel, among others.
Speaking on the philosophy behind Splice, Martocci told Billboard,
“Our mission is simple: to help musicians maximize their potential. Our vision is big: to transform the way musicians create and collaborate, to foster a culture of openness in music, and to uncover new revenue streams for artists through artist-to-artist marketplaces.“
Splice also has an active community of “musicians swapping tips and sound.”
“The benefit of using Splice is [that] it’s community driven. It tends to adapt to the needs of the community.”
He hopes that over time, the company could become a digital hub for professional producers and independent producers and musicians. In the long run, if Splice expands, the platform could drive down the costs of making music.
Featured image by Splice