Lyrics website Genius, formerly known as Rap Genius just raised $15 million in a new funding round. The platform is behind the popular “Behind The Lyrics” feature on Spotify. The funding round was lead by a new investment fund called Everblue, which is primarily focused on Music and E-Sports.
Everblue is headed by Eric Mindich, who is an American hedge fund manager. The funding comes as Genius is doing big things with their content, having been penalized in Google search results years earlier, leading to the re-branding.
According to Music Business Worldwide:
With more than 2 million YouTube subscribers, Genius claims to have the fastest-growing music channel on YouTube and continues to power an integration within Spotify called Behind the Lyrics.
Over the past year, Genius launched artist-driven video franchises including VERIFIED and Deconstructed, attracting artists such as SZA, Camila Cabello, Charlie Puth, John Legend, and Lil Yachty to share how their biggest songs came to be.
The brand has also expanded into live events, hosting IQ/BBQ, a single-day summer music festival headlined by Pusha T, and Lyrics to Life, a pop-up art exhibition inspired by song lyrics that today wraps its sold-out run in Downtown Los Angeles
The company says their goal is to be the #1 brand in music. They plan to use the funding to expand their original content, live events and strategic partnerships.