Mandolin released a press announcement on June 29, 2021 that the company had $12 Million funded by co-led investors the Foundry Group. The company is based out of Indianapolis, Indiana and has become a digital platform designed to help artists, venues, and fans connect through live music. Currently, Mandolin is a private company that was founded by women and is led by women; which showcases Mandolin as a diversity spotlight company within the United States. Mandolin was founded in 2020, which shows tremendous growth within the music streaming industry.
Co-founders Mary Kay Huse, Robert Meitus, and Steve Caldwell who all have had backgrounds surrounding art or music.
However, what competitors does Mandolin have? Here is the list of companies that are currently alternatives/competitors: Mixhalo, Qobuz, Vurbl, and Side Door. Even Spotify is considered a competitor since they are a free and paid streaming music service. And so far, Mandolin has a steady stream of traffic around the 120,000 range, which when it’s based on live stream concerts, this is a huge considerable amount. This shows that Mandolin’s audience service has down extraordinary since the company launched in 2020.
The leading investors besides Foundry Group is High Alpha, 645 Ventures, and Marc Benioff’s TIME Ventures. Mark Benioff’s name may sound familiar to you because he is the founder of Salesforce. Yet, why are decent trademark investments happening with this company Mandolin is because the company gives artists the ability to build a digital strategy. Which changes the whole ordeal when it comes to artist creative control. The employee status at Mandolin is between 11 – 50, however, only 3 are listed publically which happens to be all the co-founders.
Mandolin does not have any merging ideas or selling opportunities at the moment since the company is on a up flow of potential clients. Instead of merging the news has been saying that 645 Managing Partner Nnamdi Okike could be joining the company’s board.
Big named Spotify clients have switched over to the new young company to find a more fitting stance on artist creative digital control. We can expect to see more artists turning to Mandolin to conduct ticket sales in the near future. Also, Mandolin allows fans to experience a deeper connection digitally with their favorite artists, this is a huge swing around to fan clientele which is a huge market for young adults.
Mandolin as a vc firm for streaming music services is starting out as an all-purpose, one stop shop platform for performers. While this company is still very young and new to the music industry for the digital world, they already helped to raise more than enough for a few live concerts via online. Since competition is still steep with Spotify, Mandolin may not see themselves as competition. Yet, big named artists since as Grace Potter, Macy Gray, Jacob Whitesides, Taj Mahal, Nick Waterhouse, and Adam Levy have already joined the social platform.
Co-founder Mary Kay Huse LinkedIn: https://www.linkedin.com/in/mary-kay-huse/