Chinese Platform for Online Celebrity Development Bags USD4.5 Million in A-Round Funding
Zhang Xia
DATE:  Oct 27 2017
/ SOURCE:  Yicai
Chinese Platform for Online Celebrity Development Bags USD4.5 Million in A-Round Funding Chinese Platform for Online Celebrity Development Bags USD4.5 Million in A-Round Funding

(Yicai Global) Oct. 27 -- Shenzhen Buyao Music Culture Co., which operates Buyao, a student-focused sharing platform for up-and-coming singers, has secured CNY30 million (USD4.54 million) in its A-round financing. The firm will use the proceeds to develop online and offline marketing campaigns, Zhou Luo, founder and chief executive, said.

About half of the money will go to online platform promotion and development, and the remainder will be spent on campus concerts to enhance the firm's offline influence and on-campus 'base' development in key cities and universities, entertainment news outlet Sansheng Qing Bao Zhan reported yesterday.

The company was founded in March 2016 as a short music video streaming service for students. Its videos have generated more than 2.5 billion views to date, and attract 130 million views per month on Weibo, a Chinese microblogging site run by Weibo Corp. [NASDAQ:WB]. It currently manages over 500 contracted student internet music celebrities and about 10 singer-songwriters.

"Buyao has always focused on content production, but good content doesn't always speak for itself," Zhou said. "Content businesses face serious challenges if they don't market their products in today's marketplace." As well as marketing, the firm has introduced live-streaming and long video services. Its operating income scaled from about CNY100,000 (USD15,000) last year to almost CNY10 million this year.

Zhou has set sales target for next year at CNY80 million. As well as developing advertising businesses, Buyao will organize more offline marketing events next year, and broadcast these events online to generate more revenue from various sources.

Follow Yicai Global on
Keywords:   Music,Short Videos,Online Celebrities,Buyao,Talent