Gaurav Dagaonkar: Building India's Music Licensing Empire with Hoopr
Discover Gaurav Dagaonkar's unconventional journey from corporate reject to tech entrepreneur revolutionizing the creator economy.
Gaurav Dagaonkar's story reads like a masterclass in following your passion against all conventional wisdom. An IIM Ahmedabad MBA who rejected lucrative corporate placements to become a Bollywood music director, only to later build India's most successful music licensing platform for the creator economy, Hoopr. His journey from composing hit songs to solving the music industry's biggest monetization challenge is nothing short of extraordinary.
Check out the video of the conversation here or read on for insights.
The Unconventional Beginning: MBA to Music
Educational Foundation
Gaurav's academic journey began at Thadomal Shahani Engineering College where he earned his Bachelor of Engineering in Information Technology (2000-2004). However, it was during his engineering years that he first fell in love with music, setting the stage for what would become a highly unconventional career path.
The pivotal moment came when he secured admission to the Indian Institute of Management, Ahmedabad – India's premier business school. Graduating with an MBA in 2006, Gaurav made a decision that shocked his family and peers: he would forgo the traditional corporate route entirely.
When I got into IIM Ahmedabad, honestly, nothing really changed as far as my decision was concerned. More than the money angle at that point in time, it was more about can I get a chance to express my musicianship to the world.
The Strategic Internship
Even while at IIM-A, Gaurav was thinking ahead. Recognizing that music labels wouldn't visit campus for recruitment, he took a proactive approach that would define his entire career. In early 2005, he cold-emailed Mr. Arun Agarwal, President of Times Music, requesting an internship.
The email was so impressive that he received a response within hours: "You're hired."
His two-month internship at Times Music in 2005 was strategically structured across four divisions:
Week 1-2: Understanding album creation and Artist & Repertoire (ANR)
Week 3-4: Market research on CD distribution and retail placement
Week 5-6: Artist interactions and relationship building
Week 7-8: Brand solutions and commercial applications
This internship proved invaluable, giving him insider knowledge of an industry he was about to enter as a complete outsider.
The Music Career: From Rejection to Recognition
Early Struggles and Funding Challenges
Graduating in 2006 into a music industry dominated by traditional gatekeepers, Gaurav faced immediate challenges. The industry required significant upfront investment – he spent ₹8-10 lakh of borrowed money to create his debut album, cobbling together funds from personal savings, family, and his girlfriend who had landed an investment banking job.
The rejection phase was brutal. Before finding success, he was turned down by multiple labels, including Times Music where he had interned. The irony wasn't lost on him, but it taught him resilience that would prove crucial in his entrepreneurial journey.
Breakthrough and Universal Music Deal
Gaurav's persistence paid off in 2008 when Universal Music signed him. His album "College Days" resonated strongly with the student demographic, and he began building a sustainable performance career. However, the real income revelation came later.
Income, all honestly, for me really began in 2012, like four years after graduation is when I really started earning money. I think for four years, whatever I got was either paid to my fellow musicians or reinvested in making songs.
The Synchronicity Success
In 2011, Gaurav created a band called "Synchronicity" and began producing English-Hindi mashups on YouTube. This proved to be a game-changer, with his mashups going viral and establishing him as a pioneer in the fusion music space. The success of Synchronicity opened doors to high-paying corporate events and established his reputation in the live entertainment circuit.
Bollywood Music Direction Career
Gaurav's film music career includes notable projects:
Major Films as Music Director:
Lanka (2011) - Starring Manoj Bajpayee, featuring classical-based compositions
Joker (2012) - Directed by Shirish Kunder, starring Akshay Kumar and Sonakshi Sinha
Will You Marry Me (2012)
Chal Pichchur Banate Hain (2012)
Heartless (2014)
One Way Ticket (2016) - Marathi film
Babumoshai Bandookbaaz (2017)
His work on Lanka was particularly notable for its classical Indian music foundation, featuring songs in Raag Charu Keshi sung by Shreya Ghoshal and Raag Jog performed by KK. The Joker project allowed him to work with industry legends like Sunidhi Chauhan and Ustad Taufiq Qureshi.
Industry Insights: The Hidden Economics of Music
Revenue Reality Check
Gaurav's experience revealed shocking truths about music industry economics that most people never realize.
80 to 90% of the income for all tiers, even whether it's Sonu Nigam, Arijit, Shreya or mid tier, comes from live events only.
Current Streaming Economics:
YouTube pays only 1-2 paise per stream in India (down from 10 paise previously)
Spotify payouts decreased from 7 paise to 3.5 paise per stream between 2021-2024
Most playback singers, including top artists like Arijit Singh, often sing for films for free
Top performers like Arijit Singh charge ₹14 crores per concert
Sonu Nigam commands ₹1.2-1.5 crores per show, performing 80-100 shows annually
The Copyright Knowledge Gap
One of Gaurav's most striking insights concerns copyright compliance.
The compliance is probably in the range of 1 to 2% right now. So that gives some idea that in most cases, people are not paying for music usage.
This represents a massive market opportunity – 98% of venues using music without proper licensing.
The Entrepreneurial Pivot: Birth of Hoopr
The Catalyst Moment
Gaurav's transition from musician to entrepreneur wasn't sudden. By 2015-16, he began feeling that his purpose extended beyond individual music creation. The spark intensified when he met his co-founder Meghna Mittal, also an IIM-A alumna with product building experience at startup WhoBelow.
The final catalyst came during COVID-19 when Instagram introduced Reels. Gaurav discovered his songs being used by brands without permission, credit, or payment. When confronted, brands claimed they couldn't afford traditional licensing fees for "small digital content."
Market Validation Before Building
Before writing a single line of code, Gaurav and Meghna conducted extensive market research.
Pre-Launch Customer Discovery:
150+ content creators interviewed
40-50 brands surveyed
Key insight: Market would pay only if they served the "Indian element" missing from global platforms like Epidemic Sound
This research revealed that Indian creators needed authentic local music that global licensing platforms couldn't provide.
The Business Model Innovation
Hoopr launched with a fundamental rejection of industry-standard "minimum guarantee" models:
We refused to pay the minimum guarantees. We said, we will not do it. It's a sure shot way of shooting yourself in the foot in the long run because you make yourself so weak in terms of building any genuine business model.
Instead, they built a platform with transparent unit economics and fair revenue sharing.
Hoopr: Building India's Music Licensing Empire
Current Scale and Metrics
Impressive Growth Numbers (as of 2024):
125 B2B enterprise subscriptions including major brands like Myntra, Marico, ITC, Himalaya, The Man Company, and IPL teams
18,000+ content creator subscriptions with notable clients like Flying Beast, Ashish Vidyarthi
18,000 third-party songs available through Hoopr Smash
200,000+ creators signed up on the platform
Product Portfolio
Hoopr (Original Platform):
Subscription model: ₹40,000/year for B2B clients
Creator plans: ₹249-599/month for unlimited downloads
Focus on original, high-quality Indian music catalog
Hoopr Smash (Launched April 2024):
Pay-per-track model for mainstream Bollywood and regional hits
First major label partner: Yash Raj Films (2,000+ songs)
Features artists like Diljit Dosanjh, Neha Kakkar, Sidhu Moose Wala
Individual track pricing: ₹8,000-18,000 depending on popularity
Hoopr Brand Solutions:
Bespoke music services for enterprise clients
Custom sonic branding and audio logos
High-value synchronization licensing
Technology and AI Integration
Hoopr leverages artificial intelligence for:
Smart music tagging and categorization
Mood-based search and discovery
Video content analysis for music recommendations
Real-time royalty reporting for transparent artist payments
Strategic Partnerships
Indian Performing Rights Society (IPRS): Hoopr's partnership with IPRS represents a landmark collaboration that provides:
Access to massive catalog of compositions
Legitimacy and industry credibility
New revenue channel for IPRS members
Support for IPRS's growth from ₹50 crores to ₹780 crores (15x growth in recent years)
Funding Journey and Investor Confidence
Disclosed Funding Rounds:
2021 Pre-seed: ₹3.5 crores (approximately $500,000)
2021 Seed Extension: Additional $1 million
2024 Round: ₹5 crores
Recent Round: Undisclosed amount (significantly larger based on Hoopr Smash traction)
Key Investors Include:
9Unicorns
Venture Catalysts
Additional strategic investors (names undisclosed)
The funding trajectory shows increasing investor confidence, particularly after the launch of Hoopr Smash opened access to mainstream Bollywood catalogs.
Industry Impact and Artist Economics
Transforming Artist Revenue
Hoopr's model creates meaningful income for artists often ignored by traditional platforms:
Real Impact Example: A relatively unknown artist from Assam earned ₹21,000 from a single micro-sync license with ITC Bingo – more than his total streaming income over three years.
If I were to total his entire streaming income over the last three years, it would not be half of what he got paid from one micro sync.
Revenue Sharing Philosophy
Hoopr maintains a 50/50 revenue split with artists, significantly better than traditional label deals or streaming platforms. This artist-centric approach has fostered loyalty and consistent content supply.
Vision and Market Opportunity
The Creator Economy Context
Gaurav identified that the Indian music industry, valued at ₹4,000-5,000 crores annually, was losing significant revenue due to:
Broken unit economics from platform dependency
Loss of direct customer relationships
Commoditization of music content
Lack of fair compensation for creators
Long-term Vision
Gaurav envisions Hoopr as the "Shutterstock for Indian Music" with ambitious goals:
Generate ₹1,000 crores in new revenue for artists and labels by 2030
Become the definitive source for licensed Indian music globally
Bridge the gap between music creators and content creators
Democratize music licensing for individual creators and small businesses
Global Expansion Strategy
While focused on serving the Indian market initially, Hoopr is architected for global expansion:
Authentic Indian music for global content creators
Cultural authenticity that global platforms like Epidemic Sound cannot replicate
Technology platform scalable across markets and music cultures
Leadership Philosophy and Personal Insights
The Musician-Entrepreneur Advantage
Gaurav's unique background provides crucial advantages.
Even today, the purpose of Hooper is to create maximum value for artists and our partners. If they succeed, we succeed. I don't want to ever let go of what it is to be an artist, what it feels to have the joy of people listening to your music.
This dual perspective – understanding both the creative soul and business mechanics – informs every product decision at Hoopr.
Advice for Aspiring Entrepreneurs
Based on his journey, Gaurav emphasizes:
For Creative Professionals:
"Be a smarter musician. Try to learn every aspect of the business"
"Stay true to the kind of music you truly resonate with"
"It's better to have a thousand loyal fans rather than chasing crazy numbers"
For Entrepreneurs:
Customer validation before building is non-negotiable
Unit economics matter more than vanity metrics
Solving real problems creates sustainable businesses
Current Challenges and Market Position
Industry Education
The biggest challenge remains market education:
Many creators still unaware of copyright implications
Businesses often assume DJ services include music rights
Traditional sync licensing models don't serve small content creators
Competitive Landscape
Global Competitors:
Epidemic Sound: Swedish platform with $400M+ funding but limited Indian content
Artlist: Strong in stock music but lacks authentic Indian catalog
AudioJungle: Marketplace model but no focus on Indian music
Hoopr's Differentiation:
Deep Indian music catalog
Artist-centric revenue sharing
AI-powered discovery for Indian content
Understanding of local market needs
The Road Ahead
Immediate Priorities
Scale Hoopr Smash: Onboard 2-3 more major labels in 2024
International Expansion: Serve global creators seeking Indian music
Technology Enhancement: Improve AI-driven discovery and recommendation
Market Education: Increase awareness of legal music licensing
Long-term Strategic Goals
Industry Transformation: Create sustainable income streams for Indian artists
Global Recognition: Position Indian music prominently in international content
Technology Leadership: Lead innovation in music licensing and discovery
Economic Impact: Contribute significantly to India's creative economy
Redefining Success in the Creator Economy
Gaurav Dagaonkar's journey from IIM-A MBA to Bollywood music director to tech entrepreneur represents more than a career pivot – it's a blueprint for building businesses that solve real problems while staying true to one's values.
His success with Hoopr demonstrates that the best entrepreneurs often come from within the industries they're trying to transform. By combining deep domain expertise with business acumen and technology, Gaurav has created a platform that serves multiple stakeholders: artists get fair compensation, creators get legal music access, and brands get authentic content solutions.
As the creator economy continues to evolve, Hoopr stands as a model for how technology can democratize access while ensuring fair value distribution. Gaurav's story proves that sometimes the most unconventional paths lead to the most impactful destinations.
The music industry's transformation is far from complete, but with leaders like Gaurav Dagaonkar building bridges between creativity and commerce, the future looks promising for artists and creators across India and beyond.
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