Malaysian startup Gigfairy, which allows users to book live music for any occasion, has been acquired for an undisclosed amount by Tune Studios and BAC Ventures, the company announced earlier this week.
Founded in November 2014, the Kuala Lumpur-based startup is an alumnus of 1337 Ventures’ three-month acceleration programme.
“Tune Studios and BAC are doing incredibly exciting things for the live music industry. We share one common goal – to uplift the entire music industry starting here at home in Kuala Lumpur and then the rest of the region,” said Brian Foo, Founder and CEO of Gigfairy. Foo will continue to helm the company after its acquisition.
According to Gigfairy, it currently has over 200 artists from a variety of genres on its platform. This number includes Paperplane Pursuit, a Malaysian band whose song “Feel Good” broke onto the Billboard Mainstream Top 40 chart — a weekly ranking of the most popular pop songs according to radio airplay as measured by Nielsen Music — in September 2015.
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For Tune Studios, the acquisition could prove a helpful channel to discover 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 artistes and talents, [providing them access] to […] different avenues of income,” said Adib Khalid, CEO of Tune Studios. “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 is targetting expansion in the region following its acquisition, one that proves the appeal of startups to traditional businesses, according to the Founder and CEO of 1337 Ventures.
“The Gigfairy acquisition, which [came to fruition] in 12 months, demonstrates that traditional businesses realise the need for inorganic growth via startups. I think we are going to witness more of such cases in the next couple of years,” said Bikesh Lakhmichand.
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