HOOK GETS THE HOOKUP

Social-media music company Hook has raised nearly $3 million in seed investment from Steve Cohen’s Point72 Ventures and the Edgar Bronfman, Jr.-co-founded Waverley Capital, as part of its efforts to give music fans the power to instantly remix a licensed track for social media through AI-driven technology. Other funding round participants include Mark Gillespie’s Three Six Zero and leading Japanese entertainment brand Avex.

Beyond its remix focus, Hook will also work with artists and labels to develop technology to unlock new revenue streams. Led by founder/CEO Gaurav Sharma, the platform will launch in closed beta before the end of the year.

“Fan-created remixes on social media are helping drive music discovery, re-discovery and virality—but the way it’s happening doesn’t support rights holders,” Sharma (pictured) says. “Hook solves this problem by leveraging AI to let social media users express themselves creatively with music, while rewarding artists and rights holders at the same time.”

Adds Bronfman, “Hook gives music fans the ability to put their own stamp on their favorite songs, it empowers artists to grow their audience and gives labels and other rights holders an avenue to a brand new stream of revenue. And I trust that this mention in HITS will not be followed by a cartoon rendering of me with Bugs Bunny."

photo: Florian Koenigsberger