Turntable Labs and Hangout secure an investment of $8.2 million to launch a new social music platform.
Turntable Labs Inc., the company behind the new social music platform Hangout, today announced an $8.2 million funding round ahead of its public launch. Hangout, which allows music fans, colleagues and other communities to meet, DJ together and interact in a playful virtual environment, is expected to go live later this year.
The round is led by Founders Fund, Elizabeth Street Ventures, 468 Capital and the former Facebook-led f7 Ventures. Angel investor Michael Guimarin, CEO of WordOut, is also participating in the round. Hangout was developed by Joseph Perla, one of the founders of the music service Turntable.fm, and is the embodiment of the original concept that the founder and CEO envisioned for the social listening platform over a decade ago.
“We designed Hangout with a positive, big-picture approach in mind,” notes Perla. “People need joyful, meaningful online social experiences: music can deliver that. And music needs increasingly compelling ways to reach and bring people together. Hangout delivers on both, as it is one of the first truly participatory online places for music enjoyment and real-time social interaction.”
Inspired by the social and emotional impact of listening to music together, Hangout’s game-like features target the level of excitement and connection that Perla says most virtual social experiences lack. Virtual DJ booths give users the opportunity to spin their chosen tracks exclusively for themselves and their friends, in addition to public themed rooms based on their preferences and interests. Custom avatars can dance on the dance floor and upvote their favorite songs, while chat options keep the party lively by encouraging new and old connections.
The latest version will include new features at launch, including voice chat and mobile apps for iOS and Android. It improves the foundation of social listening, making it easier for music lovers, artists, entertainers and influencers to play music and hang out with friends, creators, colleagues and other fans.
“Hangout ushers in a new era of music streaming services by integrating social media into its core. Throughout history, music has been social, participatory and an integral part of community identity,” said Will McClelland, co-founder and general partner at Elizabeth Street Ventures. “We are thrilled to partner with Hangout as a platform that enhances music discovery, encourages active listening and provides pure enjoyment to both music lovers and artists in ways that were unimaginable before the internet, and we look forward to opening a new chapter for social music streaming globally.”
“We are thrilled to support Hangout as it leads the next evolution of social music and paves the way for a new era of digital community,” said Florian Leibert of 468 Capital. “At a time when digital connections are becoming increasingly important to our lives, Hangout is at the forefront of revolutionizing the way we experience music online. By combining music with social interaction, it offers a new way to create shared experiences and strengthen community bonds online.”
In addition to enabling Hangout’s official public launch, scheduled for later this year, the funding will allow the company to continue to grow its technical infrastructure team to support millions of active users at scale in the platform’s listening rooms and special events. Hangout is working with partners in the music industry to be fully legal and licensed for its upcoming launch. Fans can sign up now to get on the waitlist for the invite-only beta, with the full public launch coming in late 2024.