Netshow.me has netted an undisclosed amount of seed funding from Buscape co-founder Rodrigo Borges. The funding comes six months after the Brazilian startup had launched its online concert broadcasting service, according to TechCrunch.
Borges said of Netshow.me's service: "Here in Brazil we have two main problems: It's difficult to go to shows, because public transportation is bad and security is bad. On top of that it's expensive. It's a way to allow these people to have access to a band they like. On the other side, for the bands, it's a no-brainer because they can make a lot more money."
Netshow.me was founded by Daniel Arcoverde do Nascimento and Rafael Belmonte, former employees at financial management firm Bravia Capital Investimentos. Nascimento said the startup has been generating revenue from the beginning and is on its way to raise another round of funding next month, the report detailed.
The firm makes money through its share from the ticket sales and tips from concert fans. Artists, on the other hand, take home between 52% and 72% of the total gross from shows and tips. Netshow's portion is between 28% and 48%, TechCrunch added.
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