Gimme Radio raises $3 million in partnership with iHeartMedia
Gimme Radio announced $3 million in funding in partnership with iHeartMedia, amplifying the social radio innovator’s reach into new communities.
The Gimme Radio digital radio platform allows fans to connect directly with their favorite artists, showing their support through tips, vinyl subscriptions and merchandise sales. In a funding round led by audio powerhouse iHeartMedia, Gimme Radio has raised $3 million with additional backing from Concord, Metal Blade Records, The Orchard, Riser House Entertainment and Quartz Hill Records.
Founded by a team of music industry executives with extensive experience in digital music services such as Apple Music, Beats, Google Play and Napster, Gimme Radio has strong roots in many aspects of the industry . The ability to support artists is at the heart of the Gimme Radio platform, allowing artists to choose music while fans chat and listen, inviting members to virtually tip the host and purchase merchandise like if they attended a live broadcast.
“This team helped shape digital music as the world knows it today and Gimme is our vision for the future,” says Gimme Radio CEO and Co-Founder Tyler Lenane. “Creating rich communities of artists and fans who can have meaningful conversations, build real relationships and transact directly with each other is how the world will experience music and support In the age of pennies, Gimme is already putting whole dollars in the pockets of artists through incredible fan experiences and community.
Chris Williams, Managing Director and Chief Product Officer of iHeartRadio, added, “With our unparalleled reach in communities across America, iHeart’s brands and platforms connect artists and fans like no one else. He continues, “We are thrilled to partner with Gimme to further expand this important connection while allowing Gimme to reach our audience and support Country and Metal fans with their innovative community and creator-focused features. .”
Over 1,200 artists have hosted shows on Gimme Radio’s two stations, Gimme Metal and Gimme Country, including Dave Mustaine of Megadeth, Randy Blythe of Lamb of God, comedian Brian Posehn, Chuck Prophet and Laura Cantrell. These shows generated an engaged global audience that spent an average of $10 on tips for more than 350 performers.
Recording artist Jesse Dayton, who has a popular show on Gimme Country, said: “Connecting with my fans is what keeps me going and keeps a roof over my head. My show on Gimme Radio has attracted a real following and I can talk with my fans all over the world even when I couldn’t film. Their energy and support kept me going during a time that was extremely difficult for all of us.
Artist compensation has been a widespread challenge for legacy streaming services, which are criticized for paying artists a fraction of a penny per game, leading to a system where only the most famous artists can hope to earn a living wage through services.
“In a world full of spin, we are a revolution,” says Lenane. “Most fans think that when they play an artist on one of the legacy platforms, part of their subscription goes to that artist, but that’s not what actually happens.”
“We allow fans to financially support artists online like they do in the world: buy a record or go to a show and get something at the merchandising table,” he continues.
“Our members have shown their favorite artists lots of love as we rolled out e-commerce, tips and vinyl subscriptions, and already we have DJs earning tens of thousands of dollars in tips alone – a number which we hope to increase significantly as we use this funding to grow our audience and expand Gimme Radio into more genres.