Live music management software company Prism.fm has announced it has closed a $5 million Series B funding round as concert revenues in 2023 soar.
Andrew Lindner of Frontier Growth led the effort, investing $1.55 million through a syndicate investment pool with other members of Frontier Growth’s ecosystem. Existing ivnestors also participated in this round, including Stephen Cook, Jay Jensen, Kip McIanahan, Advantage Capital, Rich Arnesen, and more.
Prism.fm says the new capital will be invested in product, engineering, and go-to-market strategy for the industry leading platform that brings venues, agencies, and promoters together in one system. Prism’s CEO Matt Ford says that Prism has already been used to plan hundreds of thousands of shows at over 10,000 venues worldwide.
2023 has been a booming year for concerts thanks to Taylor Swift and Beyoncé touring, but it’s also been the best year for touring artists yet. Pollstar reported its top 100 grossing tours this year accumulated a total of $9.17 billion—surging 46% compared to 2022. Roughly $2.61 billion came from just the top five grossing touring artists—Taylor Swift, Beyoncé, Bruce Springsteen, Coldplay, and Harry Styles.
Taylor Swift’s success with her “Eras Tour” landed her as the only touring artist to have grossed over $1 billion. Meanwhile, Beyoncé grossed $580 million, surpassing Bad Bunny’s massive tour run of $393 million in 2022. For the first time in fifteen years, the top two charting artists are women. The last time this happened was in 2008 when Madonna and Celine were both touring the globe.
Prism.fm is a new booking tool that solves productivity issues for music industry professionals. The team behind it built it from the ground up to vastly reduce the work required to manage a music calender, send offers, market, advance, and settle live music shows with venues and promoters. It’s built by music professionals who are aiming to help touring artists reach new gross revenue heights in 2024.