Snapverse - an iPhone app that allows users to combine 20-second videos with licensed music – has struck a deal with Universal, Warner and Sony allowing it to expand the library of tracks it offers.
Snapverse founder and CEO Scot McCraken told Tech Crunch that the company “wrote out pretty big cheques” for the licensing deals, which will see a total of around 750 tracks available for use in the app.
McCraken added that he isn’t looking to grow the app’s music offering exponentially, however, opting instead for a “curated catalogue that changes regularly”.
Snapverse launched quietly in May and started to push growth more aggressively last month, according to Tech Crunch.
The company has also benefitted from a $3.5 million personal investment from John Hannan of investment firm Apollo Management.