TriPlay is a cloud services that enable users to consume music and other media across different devices – and provides the first truly open cloud ecosystem.
TriPlay is also the parent company of MyMusicCloud and MyDigipack, which are universal applications that allow users free, unlimited storage and access to their music, photos and videos on any combination of devices from any brand, on any operating system and network, anywhere in the world.
And the platform is so seamless, it even appeals to the most technically-challenged among us.
Available in 24 languages, MyMusicCloud has a music library of over 23 million songs and more than 1 million users.
The company has been in business for a while, and founder and CEO Tamir Koch explains how technology finally caught up with his vision.
Who were your investors and how much did you raise?
We raised $11 million in a series C add-on round led by Fortress Investment Group.Existing investor Kenges Rakishev and I also contributed to this round, which will be used to grow our existing base of over 1 million users and protect and fortify our Intellectual Property.
Tell us about your service.
TriPlay is an open, next-generation, personal cloud-based ecosystem for music, photos and video. TriPlay’s services, MyMusicCloud and MyDigipack, are universal applications that allow users free, unlimited storage and access to their music, photos and videos on any device, operating system, file format and network anywhere in the world.
TriPlay products are available worldwide in 24 different languages and MyMusicCloud also offers a music store, with over 23 million songs in its catalog.
What inspired you to start the company?
In late 2004, after moving to the US, I wanted to share photos with my mother, who lived abroad. I never knew if I should send the photos to her mobile or laptop, but I did know that I wanted her viewing experience to be seamless, and I wanted one that would allow me to send the images to both her PC and mobile phone, wherever she was.
That is when I decided to develop a multimedia-sharing platform that could be applied to music, photos, videos and mobile messaging – and made available to the billions of mobile subscribers around the world. And so, TriPlay was born. True to the original mission, we continue to develop digital media applications that make living a digitally integrated life more meaningful.
Unfortunately for us then, putting your digital life on the cloud was a very new concept and did not gain traction until much later in the last decade. Now in 2015, we finally see that consumers know and trust the cloud and what it can do for them. Still, latest research shows that only 29% of people already use it, so the good news is we have a lot of work to do.
How is it different?
MyMusicCloud and MyDigipack can be used with any combination of devices. As oppose to the leading cloud solutions from big companies such as Apple, Google or Microsoft who “lock” the user into their offering and are available only on their devices, we are a truly open cloud ecosystem, which gives users the freedom to choose any devices they want. The difference between us and other multi-platform cloud solution providers such as Dropbox or Box, who offer a cloud drive file system experience, is that our apps offer a content=specific experience – MyMusicCloud, while storing the users’ music in the cloud, offers a music player, lyrics, and even a music store where the user may buy music. In the same sense, MyDigipack does the same for videos and photos – it features a player, a video and photo editor, timeline view, etc.
What market you are targeting and how big is it?
MyMusicCloud and MyDigipack can be used by every mobile subscriber across the globe! The apps are available in 24 languages and are being used everywhere. Today, most of our users are from the US and Western Europe, but we have a loyal following of users from all around the world, in places like the Far East, Brazil, Australia, and many other countries.
What sorts of content are people most likely to share?
We allow sharing of videos and photos, as those are user-generated and can be shared. On the music side, the users can share the information of what they are listening to, but not the actual songs.
We know that part of the funding is to protect your IP, which is being infringed upon by other companies. What’s the plan there?
Ten years ago, we invented the first cloud messaging and sharing technology, and it has been almost universally adopted by the industry, which is something that we are very proud of. That said, it is only fair that these companies using the patented technology should have to license it from us.
Also, as a startup in today’s world, where agile development and lower computing costs are common, it is important for us to have that patent protection so that other companies can’t copy us.
What’s your business model?
TriPlay’s consumer services have a “freemium” subscription model. We offer a free version for both MyMusicCloud and MyDigipack, with a limit on the number of songs/photos/videos the user can access, and a premium package with unlimited access. Regardless of what type the user is – paying or free, storage and backup is always free and unlimited to any user, free or premium!
What was the funding process like?
We looked for the right combination of financing sources that fits us – that would allow us to grow our business and protect our company through fortifying our intellectual property. Fortress, as aworld leading IP backer, was a great candidate and in a matter of a few months, we structured a deal that we both liked.
What are the biggest challenges that you faced while raising capital?
Since the company is 10 years old and was first to market in the cross platform cloud world way before anyone else(before smartphones, before mobile data), sometimes our “age” and our “state” didn’t coincide. However, since we just pivoted into Business to Consumer (B2C) only three years ago, the success the company experienced in these last few years led to this great deal with Fortress.
What factors about your business led your investors to write the check?
The strength of our technology, our intellectual property, the team and the more than 500% growth the company experienced in the last 16 months.
What are the milestones you plan to achieve in the next six months?
We believe we can improve our conversion rates from free to paying users, and grow the user base exponentially.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
As an entrepreneur of 20 years, I know how hard it is – I’ve been through bad times myself. My advice is to recognize and harness your assets that are working well for you, and look for those potential partners who will understand and see the value in them. Hopefully, if you can show you can extract value from those assets, you’ll be able to find capital.
Where do you see the company going now over the near term?
We aim to grow our cloud solutions to tens of millions of users and become one of the biggest independent cloud players in the world. Along with the constant improvement of our conversion rate, we should multiply our value several fold.
What’s your favorite NY bar, when you need to kick back and relax?
I like to watch big games on the big screen at Ribalta at Greenwich Village.