Living the stream … Shoreditch online music company launches in US

 
9 April 2013

A London entrepreneur who built up his one-man business with clients such as Rihanna, Madonna and the record label Roc Nation believes it can grow into a £100 million concern.

Richard Cohen, a father-of-two from Highbury, started LoveLive at Silicon Roundabout, the cluster of web-based businesses in Shoreditch near the junction of Old Street and City Road. It creates digital music content to be shared on the internet with the aim of making music “as big as sport” online.

Less than five years on, he now employs 35 full-time staff across two offices and is set to raise £10 million from venture capital funds to expand its business streaming “pay-per-view” live concerts on the internet.

He modelled the concept on sports and technology company Perform, where he was formerly chief commercial director.

LoveLive runs YouTube channels that have attracted 10 million views and 140,000 subscribers attracted by the 400 events it films a year. Projects have included Madonna’s “secret” Paris concert last year as well as all seven of the shows on Rihanna’s 777 Tour in November which have since been made into a documentary to have its world premiere on May 6 on Fox. Her label Roc Nation has since requested to work with the company, which has worked with artists including Adele, Muse, Mumford & Sons and Florence and the Machine, and recently launched in the US. As well as live streaming, the business works in three areas — access, production and technology — to generate content to be accessed online. Mr Cohen, 44, said the success of iTunes and Spotify show that users are willing to pay for music services online and hopes that his company can further expand into a £100 million business. He said: “I’m confident that if we continue to grow at the rate that we can, then we’ll be a very large company in due course. Right now I’m living the dream, working with people I love and respect.

“We can show the world how to make money from digital music. We’ve started working in the US where we have been very well received because of the quality that we’re bringing from Shoreditch.”

He said East London is leading the way for digital innovation in the music industry, adding: “London is very much a hotbed for technology and other areas. London is a draw for talent.”

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