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Wednesday, May 10, 2017

SMULE EYES ASIAN EXPANSION

Smule has taken a giant step toward expansion into Asia. The San Francisco-based creator of social music apps such as Sing! Karaoke has raised $54 million–led by Chinese investor Tencent­–to grow its business overseas and potentially set up a future IPO.

The company, which claims 52 million monthly active users creating 20 million songs daily, is now a step closer to CEO Jeff Smith’s vision to “build a social network around music.”

Ed Sheeran, Train, Luis Fonsi and Shawn Mendes are among the artists who use the Smule platform to connect to their fans. Train's "Play That Song" has figured prominently in the company's TV spots.

Reuters estimates that Smule is valued at $604 million; Smule reports that its revenue grew 54% last year, to $101 million.

 
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