Smule, one of the leading social network for music with around 50 million monthly active users, announced a strategic investment from Times Bridge. Times Bridge is The Times Group’s global investment and partnership arm. Accordingly to a jointly released statement by Times Bridge and Smule, this partnership will help Smule develop an edge over the other competitors in India, its second-largest international market.
Smule, which aims to play a vital role transforming the music landscape from one of passive listening to collaborative creation and expressive sharing, will benefit with an estimated investment of over $20 million from Times Bridge.
“Indian audiences are passionate about connecting through music. We want to enhance those connections in an authentic way and we are thrilled to partner with Times Bridge to marshal the best of The Times Group on Smule’s behalf,” said Jeffrey Smith, Smule’s CEO and co-founder.
Smule is looking to grow its Indian market organically and try to tap the growing Indian digital music scene to increase its exposure. In May 2017, Smule raised $54 million in a financing round led by Chinese technology giant Tencent Holdings Ltd.
“Our goal in India is to create closely knitted user communities that come together for the common love for music while being a positive social force. We are extremely proud to have found the perfect strategic partner in Times Group as they share our passion for music” – Saurabh Sharma, India Consultant at Smule, Inc.
On Smule, users are able to collaborate with and listen to all types of music, with anyone from anywhere in the world.
This is Times Bridge’s third investment this year, after investing in MUBI and Houzz, in their bid to expand their existing investment portfolio of innovative consumer tech companies. Times Bridge brings to the table its vast network of media assets pan India. Along with this Times Bridge will partner on varied aspects such as community building, collaborations with top artists, targeted regional programs and advertising.
“Times Bridge’s mission is to bring the world’s best ideas to India and share India’s best insights with the world. Smule is a deeply original, bold idea with a mission of changing the way the world experiences music” – Rishi Jaitly, CEO of Times Bridge
Smule is the first social music platform to partner with Times Bridge in India.
“Our investment will advance Smule’s music mission across the Indian subcontinent and unlock the creativity of many millions along the way”, added Rishi.