Livestreaming concert platform Mandolin shuts down after burning through $17 million in just under three years.
After nearly three years, livestreaming concert platform Mandolin announced on April 17 that the company is shutting down its product and business operations. The company launched in 2020 after COVID-19 restrictions made physical touring impossible.
“We’ve spent the last three years building an award-winning fan engagement platform across both Fan Navigator and Fan Experiences,” reads the company’s statement. “And while it’s true that we have seen incredible momentum in livestreaming and Fan Navigator usage, the macroeconomic situation has rendered us unable to continue building our capabilities to serve the industry.”
Co-founded by Mary Kay Huse, a former executive at Salesforce, entertainment lawyer Robert Meitus, and technology entrepreneur Steve Caldwell, Mandolin grew extensively within its first year, with a $5 million seed funding round and an exclusive partnership with Ground Control Touring.
In 2021, Mandolin secured $12 million in Series A funding and inked more partnerships, along with the acquisition of NoonChorus. But as live music started to return in full swing, livestreaming solutions began to take a backseat as a supplement to live performance rather than a replacement.
“We spent the better part of the last year fundraising to sustain and grow our business, and unfortunately, we were unable to secure further commitment to our vision,” Mandolin concludes.
“We’d like to sincerely thank our clients and partners for their belief in our mission and the time spent helping us develop a platform that truly empowered artists to own their fan relationships. Though we can no longer lead the charge, we firmly believe market power will continue to shift toward better supporting artists in this endeavor.”
With Ground Control Touring, Mandolin hosted, produced, and marketed shows from the agency’s roster during their partnership, including Waxahatchee, Angel Olsen, Parquet Courts, Hop Along, and many others.