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We’ve advised you earlier than to control Switzerland-headquartered fintech firm Utopia Music.
To be trustworthy with you, we’re not 100% positive what they’re constructing proper now, but it surely appears prefer it’s going to be massive.
Immediately (October 29), the corporate has acquired Nashville-based monetary companies firm, Lyric Monetary, which has superior over $100 million price of royalties to artists.
This information marks Utopia’s second firm acquisition prior to now two months, after shopping for Quincy Jones-backed emotional information enrichment firm, Musimap in September.
Senior trade whispers carry on telling us that Utopia has a severe warchest to spend.
We’ve heard that the corporate already has tens of tens of millions of {dollars} at its disposal and will even be elevating a nine-figure sum as you learn this.
Utopia can be on a hiring spree. In the beginning of September, the agency made the high-profile appointment of Downtown‘s former EVP of Enterprise Improvement, Roberto Neri, as Chief Working Officer, adopted by different massive hires together with Paul Gathercole as Chief Knowledge Officer, Åsa Carild as Head of Platform, and Paul Stuart as Chief Authorized Officer.
Based in 2007 and primarily based in Nashville, Lyric has a presence in a number of states throughout the US. The corporate was based by Eli Ball.
Utopia says that Lyric Monetary’s current operations allow its personal enlargement into the USA, widening the mixed firm’s international attain and market entry.
Likewise, by becoming a member of forces with Utopia, Lyric Monetary says that it now features “aggressive benefit, energy, and optimized market positioning within the quickly rising music expertise market that permits quicker funds for Creator Rights”.
Utopia, which employs greater than 100 folks throughout places of work situated in Zug, London, Helsinki and Stockholm, says it’s on a mission to revolutionize the monitoring of music consumption – and consequent royalty funds to rights-holders – worldwide.
The corporate claims to be constructing a expertise platform that “brings a very new method to serving all music trade wants and to allow accounting, transparency and effectivity, repairing the fragmented trade alongside the best way”.
Lyric Monetary will proceed to service its current buyer base as a part of Utopia.
“The acquisition of Lyric Monetary represents yet one more milestone on our journey of turning into the main monetary companies supplier and development companion in music.”
Mattias Hjelmstedt, Utopia Music
Mattias Hjelmstedt, Founder and Chairman of the Board at Utopia Music, mentioned: “The acquisition of Lyric Monetary represents yet one more milestone on our journey of turning into the main monetary companies supplier and development companion in music.
“We’re supercharging your entire music trade by creating new income streams, consolidating information, decreasing administration prices, and providing a broad spectrum of numerous and deeply modern companies and successfully eradicating roadblocks and showstoppers which have slowed the trade down for too lengthy.
“Buying Lyric Monetary is a key enabler in serving to creators and performers receives a commission quicker and allow extra creators and performers to make a dwelling off their artwork.”
“The Utopia platform and their superlative information asset are placing us miles forward of the pack. I couldn’t be extra excited!”
Eli Ball, Lyric Monetary
Eli Ball, CEO of Lyric Monetary, added: “Our staff has already made an enduring distinction for creators and performers.
“But, by partnering with Utopia, we’ll supercharge our mission to assist creators and performers all over the world with revolutionary finance options.
“The Utopia platform and their superlative information asset are placing us miles forward of the pack. I couldn’t be extra excited!”
Music Enterprise Worldwide
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