China-focused marketing agency East Goes Global, which produced the Backstreet Boys’ highly-watched WeChat concert in June, has announced the completion of its first round of funding.
East Goes Global, four, contacted Digital Music News to let them know of the raise today. The company aims to “bridge the gap between China and the Western world” and has so far worked to boost the presence of The Chainsmokers, Jessie J, John Legend, Troye Sivan and others in the booming Chinese market. growth.
On the heels of those efforts, East Goes Global revealed an “oversubscribed” and “invitation-only” round of approximately $1 million, which seniors said resulted in a $10 million valuation. The likes of singer-songwriter Ingrid Andress, the aforementioned Jessie J, “Figures” artist Jessie Reyez, Take & Thrown founder Alfredo Tirado and manager James Dai represent some of the pros who took part in the round table.
East Goes Global intends to use the capital to expand its SaaS platform (which is currently in beta) and onboard “strategic hires to continue its growth,” executives said. And in a statement, Founder and CEO Andrew Spalter spoke about his ambitious vision for the company’s role in the months and years ahead.
“What started 4 years ago as an idea has grown into an industry-leading vertically integrated agency, generating millions in revenue for our clients in a relatively untapped market,” Spalter said. “Our customers now have a combined reach of over 100 million subscribers in the largest market in the world…We saw a gap in the market, we looked for it and today this increase will help us to continue to stay one step ahead.”
As for the specifics of China’s music industry’s continued growth, Tencent Music recently revealed that it has achieved a 25% year-on-year improvement in the number of paying users, which numbered nearly 83 million as of June 30.
As you might expect, given the growing popularity of Tencent Music’s platforms and competing streaming offerings, major labels as well as companies such as Live Nation have taken significant steps this year to expand their reach. in the country of about 1.4 billion people.
For global artists, the most interesting element of the expansion may well be the commercial by-products of Chinese fans’ unique preferences. The initially rated concert by the Backstreet Boys, for example, reportedly attracted nearly 45 million viewers, with a number of diehard supporters sending in videos or chatting live with the 29-year-old band.
Given the overwhelmingly positive response, the Backstreet Boys have made clear their intention to tour China after wrapping up their already scheduled shows, culminating in a March 11 performance in Auckland.