Spotify Exec Joins $1.73M Round For Music Ad Tech Firm BFM

Base For Music (BFM) has announced a $1.73 million funding raise.

The platform:

• BFM uses data generated from fan engagement to measure the success of advertising campaigns.

• The data it collects includes streaming evolution, interests, favorite artists and demographics.

• It then cross references that data with advertising campaigns to measure their ROI.

• As per Digital Music News, BFM has the ability to analyze the impact of its tools on Spotify’s algorithm and thus influence an artist’s amplification.

• It has been used by independent artists and labels in France such as Cerrone (Because Music), Dabeull (Roche Musique) and distributors such as IDOL.

The investment

• European music tech investment fund LeanSquare, Spotify’s European Director of Sales Tristan Toulemonde, and Teads co-founder Gilles Moncabeig are among those who invested €1.5 million ($1.73 million) in the company.

• As per Digital Music News, the funds will enable BFM to enter new markets, accelerate its commercial expansion and “equip more industry players with a fan-centered marketing approach.”

What they said:

• BFM CEO Maxence Bazin: “Digital marketing is essential in today’s market landscape, but it remains a black box in terms of ROI. With our data-driven technology, we’re moving it into a new era, allowing industry professionals to steer their growth through the fan-artist relationship.”