Tune Studios and BAC Ventures today completed the acquisition of Malaysian live music booking startup Gigfairy for an undisclosed amount.
Kuala Lumpur-based Gigfairy is a platform that helps users easily book live music for any occasion, while simultaneously creating more gig opportunities for musicians. In addition to live music, Gigfairy offers affordable sound system bookings as an option.
Gigfairy was established in November 2014 after topping 1337 Ventures’ Alpha Startups idea validation program. The company subsequently went through 1337 Ventures’ three-month accelerator program and received its first investment from the VC firm. As Gigfairy demonstrated early stage traction, Endeavour Capital invested seed money in the company.
1337 Ventures founder and CEO Bikesh Lakhmichand says, “The Gigfairy deal, which evolved from inception to acquisition in 12 months, demonstrates that traditional businesses realize the need for inorganic growth via startups. I think we are going to witness more of such cases in the next couple of years.”
Tune Studios of the Tune Group was formed by music industry professionals as a one-stop center for all sorts of entertainment solutions, offering audio production as well as a wide spectrum of services, from content development to event management. With 10 fully functioning, state-of-the-art rehearsal and recording studio rooms, Tune Studios is currently the largest audio production facility in Malaysia.
The company and BAC Ventures have tied up for a number of live events and concerts. “It’s a great synergy,” notes Bikesh.
New era of talent booking
CEO of Tune Studios Adib Khalid cites that among other things, acquiring Gigfairy was a good way for the production company to search for talent. “Gigfairy will lead the entertainment industry into a new era of talent booking. Through its simplified booking process, Gigfairy is a new marketplace for artists and talents to not only obtain different avenues of income, but they are also able to increase and expose their visibility in the market to potential clients, producers, and fans.”
“Furthermore, it also helps Tune Studios scout for potential new talents that we would like to sign and develop under our label, giving aspiring talents the opportunity to break into the industry.”
Gigfairy founder and CEO Brian Foo, who will remain at the helm of the company, adds that Tune Studios has been watching a handful of artists on Gigfairy very closely.
To date, Gigfairy has grown to a community of over 200 artists across an array of genres. Some notable ones are De Fam, who are signed under Tune Studios; Paperplane Pursuit, whose song Feel Good was listed on the Billboard Mainstream Top 40 in September 2015; and Jin Hackman, who recently won the Hitz FM’s MET10 Award for Best Music Video for his song Banana. The platform also boasts of a roster of up-and-coming artists such as Talitha Tan, Jon Liddell, and Tasha Aleia.
The company earns by topping up a 15 percent on whatever a musician wants to make for a gig. For example, if the musician wants to charge RM 1,000 (US$230), Gigfairy will charge the event host RM 1,150 (US$265).
Tech in Asia asked Brian for more numbers such as revenue and gross merchandise value, but he declined to disclose them.