Israeli social music startup MUGO announced today a strategic partnership and a $7 million investment deal with Mexico's TV Azteca, one of the world's two largest television producers of Spanish language programming. The company has raised $9 million to date including the latest financing round. MUGO is currently in the process of raising additional capital (in Series A financing) with venture capital funds and leading strategic partners, aiming to launch the application in Europe and the US in coming months.
MUGO’s “Live Share” technology allows an unlimited number of listeners to sync to the same point in a song, even when listening from different sources. In addition, the MUGO application enables users to share their daily music history, follow and discover others with similar musical tastes, share playlists, play music according to mood, watch live shows, and more.
MUGO was founded in April 2016 by CEO Ori Segal, VP Product Shay Goldberg and CTO Roman Slutsky. The company has gained over 100,000 active users within a short period of time after its launch, and has signed agreements with leading music and recording companies worldwide.
Segal said, "The strategic cooperation with TV Azteca is a very important milestone for us and will be a significant leap forward in bringing a social music experience to the huge market in Mexico and Latin America that lives and breathes music. With TV Azteca and the tools at their disposal, we can begin realizing this dream quickly."
“With the rise of technology companies in the world of music and the daily use of social networks by youth worldwide, we see a natural connection between these two worlds,” said Benjamín Salinas, CEO of TV Azteca. “With the technology developed by MUGO, we see how music can become social on mobile platforms.”
The MUGO application allows users to track each other's musical taste, grab playlists from others, and to synchronize together on the exact same spot in a song for joint listening with friends and followers. MUGO also offers an extensive list of artists who joined the project and use the app every day, sharing their playlists, and allowing their fans to listen with them in real-time.
Other features of the app include: a map of the songs currently playing in the user's area, live chats while listening to a song, new song releases, live concerts and more.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2018
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