One of the early backers of Musical.ly, the short video app that was acquired for $1 billion, is making a major bet that internet radio is one of the next big trends in media.
Goodwater Capital, one of a number of backers that won big when ByteDance acquired Musical.ly last year, has joined forces with Korean duo Softbank Ventures andÂ KB Investment to invest $17 million into Korea’s Spoon Radio. The deal is a Series B for parent companyÂ Mykoon, which operates Spoon Radio and previously developed an unsuccessful smartphone battery sharing service.
That’s much like Musical.ly, which famously pivoted to a karaoke app after failing to build an education service.
“We decided to create a service, now known as Spoon Radio, that was inspired by what gave us hope when [previous venture] ‘Plugger’ failed to take off. We wanted to create a service that allowed people to truly connect and share their thoughts with others on everyday, real-life issues like the ups and downs of personal relationships, money, and work.
“Unlike Facebook and Instagram where people pretend to have perfect lives,