Icelandic music-making startup, Overtune announced a $2m seed funding for its app that helps users create and share music or videos on the go. Involved in this round of funding include, Gabriel Jagger’s (Mick Jagger’s son) Whynow, Charles Huang (Guitar Hero creator), and Nick Gatfield (ex-Sony Music exec).
Overtune allows users to choose and arrange a ‘pack’ of sounds to create their tracks by recording or singing over the track; sound effects are also available as it promises “anyone can sound good”. Users can then record videos before sharing.
The startup’s target audience, according to its co-founder Jason Dadi Gudjonsson, is “creative social media users who want to be able to create content on the fly”. Potentially, that is a very large audience, which comes with a longer-term risk of existing platforms like Snapchat, TikTok, and Instagram launching their own in-app music creation features.