Sweden-based online music studio Soundation is relaunching in an effort to challenge the global music industry. The company has received 500K USD in funding and appointed new CEO Adam Hasslert. The goal is to build the world’s premier launchpad for new producers.
The interest in music production is rising, with the “casual users” market expected to grow from $900M (2017) to $1.45B by 2021*. Launched in 2009, Soundation currently has over 75,000 active users each month, primarily in the US. Now, the company is expanding, with 500K USD in new funding and an offensive recruitment phase, which has included the appointment of Swedish tech entrepreneur Adam Hasslert to CEO.
“Soundation has an amazing legacy that we look forward to building on by elevating the user experience and brand to the next level and taking advantage of its full potential. We are driven by enabling music creation for more people around the world. With the interest in music production increasing significantly, we see great potential”, says Hasslert.
Soundation is focused on becoming the best starting point for first-time producers with high ambitions. The online service is easy to learn and at the same time closely related to more advanced programs, which facilitates subsequent advances to professional levels.
“The financing in May was carried out by both existing and new investors,” says Hasslert. “This financing allows us to recruit a strong team, position the brand and increase the company’s value for the next steps.”
In addition to Hasslert, the team has been strengthened with the additions of CTO Håkan Malm (Record Union, Saltside), Communications Manager Amanda Elefelt (Auddly), Customer Success Manager Kai Sugunnasil (Happy Socks) and UX Designer Leo Drougge (Sony Music, Movestic).