MUSIXEN Raises $2m in Latest Funding Round, Aimed at Powering Global Expansion in Livestream Music.

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ISTANBUL, TURKEY / ACCESSWIRE / April 27, 2022 / MUSIXEN is a live music streaming app designed to ease the lives of both artists and audiences seeking to create and engage with live music performances across different time zones and geographies. Acting as a free stage that offers the ability to perform live, interact with fans, and generate income, MUSIXEN is a completely unique solution in the space.

With a genre-agnostic approach spanning classical to pop, and blues to hip-hop, MUSIXEN also enables venues to find and recruit new artists and gain access to a global audience, championing diversity on both sides. Having already raised $3m, including a pre-seed investment of $1m and a seed investment of $2m (at a valuation of $20m), an achievement underpinned by over 1.5 million downloads to date, MUSIXEN is well on the way to achieving their goal of becoming the main player, if not the main player, of the global music and entertainment sector in a matter of years.

MUSIXEN, Wednesday, April 27, 2022, Press release picture

The Musixen Story

MUSIXEN was founded by Turkish-born entrepreneur Çağrı Bozay. A graduate of Başkent University's economics programme, Çağrı has had a varied career, with over 20 years of professional working experience in sales and eCommerce under his belt, gained through his roles at DHL, Monster.com, Avansas.com, and Hürriyet Media Group. Between Çağrı and the founding team, MUSIXEN has 68 years of total experience in sales, e-commerce, media, and VR under their belts.

The original idea was simple: musicians have trouble being discovered, and even more trouble generating income once they are discovered - a real issue when live performances can generate up to 70% of their income. On the other hand, audiences have limited access to live music opportunities, be it due to physical or financial boundaries, or circumstances out of their control.

Indeed, unless someone's a superstar, the total amount of hours and effort they have to put in every year to reach a basic income level increases every year, making it more and more challenging for musicians to carve out a niche for themselves in a sustainable way, without falling prey to scams or exploitation. Between 2018 and 2020 alone, the number of streams needed to make $1 almost doubled. Despite this, MUSIXEN has nailed the audience it attracts, cultivating a community of users who don't just log into the app to spend time but actually contribute to musicians' finances directly.

Doing Things Differently

One of MUSIXEN's biggest features is their free live streaming music platform, which enables musicians to perform and make money 24 hours a day, 7 days a week from anywhere - be it a real stage or their home studio. As long as they and their audience have an internet connection, MUSIXEN can connect the dots. What sets them apart from many other platforms like TikTok, Bigo Live, and Twitch, which has millions of streamers and users already, is their laser sharp focus.

Rather than offering a variety of categories like chat, gaming, or even adult services, MUSIXEN only hosts music content. What's even better, all of their music content is curated, with each musician undergoing an evaluation process before they are considered to be part of the MUSIXEN community. Musicians are also given proprietary streaming training too, to make sure they can get the most out of the platform in minimum time, and entertain their audiences to the highest possible standard. The engagement shows as well, with an average MUSIXEN session often double or triple the length of average sessions on other global streaming platforms.

Their business model follows a three-armed approach, one dealing with musicians, one dealing with ads and sponsorship, and one dealing with subscriptions. The musician-based arm comprises public live performances, private content, and ticketed events, while the ads and sponsorship-based arm entails brand cooperations, corporate events, and music festivals. Their subscription arm, the newest part of their model, generates revenue through fees charged to users, musicians, and venues. Throughout all of the streams, users can participate in gamified donation initiatives, purchasing virtual bottles of champagne, digital roses, or priority song requests directly during the performance.

Looking To The Future

Since their launch, their business model has proven itself not just in Turkey but also in foreign markets, with minimal marketing. In a short space of time, they were able to onboard 8,500+ musicians and stream 200+ live performances a day, and have since grown to reach 350,000 monthly active users. In addition, they've also raised investments from some major funds, including Plug&Play, Re-Pie Asset Management Company, and Platform XIT, alongside several angel investors. In addition, MUSIXEN's potential has been recognised through various awards and accolades at major international events. These include being Turkey's winner and placing within the top 100 out of 100,000 startups globally at EWC, and securing a spot in AIM 2022's global final round in Dubai.

With $3m of funding already raised between a pre-seed round and a seed round (which saw them valued at $20m), MUSIXEN is now ready to embark on the next stage of their journey: a $100m Series A funding round set to begin at the end of the year.

As they grow as a business with the next round of investment, MUSIXEN's primary goal will be to support growth in existing markets, as well as expand in MENA and Europe throughout the rest of 2022. In addition, MUSIXEN is also focusing on the Metaverse and the life-changing habits its existence entails. Conscious of the fact that there will be a great transformation in digital businesses and how people consume music, they are setting their sights on AI and AR technologies, with the plan to make MUSIXEN a pioneering use case for both within the industry. With this in mind, they have been onboarding managers, musicians, and venue owners all over the world, welcoming them and having them refer their most talented friends to the platform to make sure they're ready to ride the wave when it comes.