Songtradr Secures An Additional $50 Million
Songtradr, a Santa Monica-based music rights and licensing startup with deep Aussie ties, has been gobbling up smaller competitors in the past several months. On Monday, it announced it raised $50 million in Series D funding.
Since January, Songtradr acquired four music licensing businesses, including creative music agency MassiveMusic and livestreaming-focused licensing platform Pretzel.
"Songtradr is rapidly accelerating as we continue to develop our tech-enabled B2B music ecosystem and integrate our new acquisitions," said CEO Paul Wiltshire in a statement.
Wiltshire, a former musician and producer who moved from Australia to Los Angeles to launch the company seven years ago, has benefited from his homeland connections.
This round of funding was led by several Australian investors including Regal, Aware Super, Perennial, Argo and Greencape, as well as Richard White, the CEO of Wisetech Global.
To date, the company has raised more than $100 million in funding, and this round brings the valuation to over $300 million. Last August, Songtrader closed a $30 million round of Series C led by St. Baker Australian family office, which is an amalgam of other prominent Australian family offices and several existing investors.
Songtradr boasts more than 1.5 million songs in its database, enabling companies like Disney, Netflix, Apple, Coca-Cola, Amazon and Google can purchase rights to them.
Last year, the company said it wanted to take advantage of the explosion of video streaming services hungry for more music. It's said it is on track for a 100% year-over-year revenue increase in 2021, after seeing a 100% year-over-year revenue increase in 2020.
Songtradr also offers a tier-based subscription service that gives artists access to analytics and a greater proportion of revenue.
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