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More importantly, though, the couple plans to lean on their new investors for strategic input on a regular basis.ĭisclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."Ĭlarification: This story has been updated to clarify that Songlorious was on track for $2.5 million in 2021 sales at the time of the "Shark Tank" taping, according to its co-founders.( From left) John Baldwin, Chris Voss, Jason Edelstein, and Andrea Hoang of The Salt Lick Records. "Anytime somebody gets promoted or hired. Hodges and Atout also plan to use the money to grow their corporate offerings. "You've got four people who touch every base," said Cuban. And Cuban offered a partnership with another of his portfolio companies, AI video maker Synthesia. John and Jones emphasized their connections to the American and international music industries, respectively. O'Leary promised assistance expanding into the wedding market. Songlorious pockets the rest.Įach of the four Sharks offered to help with different parts of the business.
#1675 million song plus#
The artists receive roughly 35-45% of each song's price tag, plus any tips. According to the company's website, artists start writing within 24 hours of a request, and return with an original song in two to four business days. Songlorious' competitive edge, Hodges explained, comes from speed and the level of its customization.Įach song is written from scratch, at a cost ranging from $45 to $230, depending on length and amount of instrumentation. The idea behind the company isn't exactly new. "Think about the amount of money you would have to pay to get four Sharks like us," Jones said. The couple tried to counter the offer, asking for $800,000 in return for 40% of the company's equity. "I get the feeling you're not businesspeople," said Jones. On the episode, the couple landed an additional $500,000 from four of the five Sharks - Mark Cuban, Daymond John, Kevin O'Leary and guest Shark Peter Jones, a star investor from British sister show " Dragon's Den" - in exchange for a 40% stake in the company. At the time of the "Shark Tank" episode's taping, the co-founders said Songlorious was on pace to bring in $2.5 million this year.
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Last year, the company brought in $700,000 in sales. After four months, both co-founders left their day jobs - Hodges was a Blue Bottle Coffee barista, and Atout was a production manager at Amtrak - to focus on the growing business full-time. Since launching, Songlorious has received at least 11,000 song requests from more than 160 musicians. The business, Atout said, took off more quickly than he ever expected. "Sooner or later, they end up in the trash." "Greeting cards, flowers, they all fall flat because they're kind of impersonal," Atout said on Friday's episode of "Shark Tank" on ABC. A day later, the couple launched Brooklyn, New York-based Songlorious, an online marketplace where musicians can make money by writing and recording songs for people's weddings, birthdays and other life events. Desperate, they spotted opportunity in April 2020 when a friend offered to pay them to write a song for his wedding.