LOS ANGELES, Sept. 10, 2020
Enables artists and musicians to collect missing revenue
LOS ANGELES, Sept. 10, 2020 /PRNewswire/ -- Songtradr, the global B2B music rights and licensing marketplace platform, announces its exclusive partnership with publicly listed Jaxsta (ASX: JXT), the world's largest dedicated database of official music credits, to provide a data-enabled solution that helps artists and musicians worldwide collect missing revenue.
The solution combines Songtradr's Neighbouring Rights identification and collection product with Jaxsta's extensive global artist and performer credits metadata. Neighbouring Rights revenue is generated from the performance of recordings and collectible by rights owners, featured artists and contributors. The total worldwide Neighbouring Rights market was estimated to be worth US$2.6 billion in 2019, with a sizable portion uncollected by artists and musicians.
"Jaxsta has solved a significant piece of the music industry data dilemma and has built a scalable technology solution that integrates neatly into our music rights ecosystem and licensing marketplace. Many artists and musicians around the world have been impacted by loss of earnings from live performance and this partnership allows us to increase our capacity to collect unidentified and unclaimed revenue during these unprecedented times," said Paul Wiltshire, Songtradr, CEO and Founder.
Jacqui Louez Schoorl, Jaxsta's CEO and Co-Founder, stated, "We are thrilled to be partnering with the team at Songtradr. This partnership highlights the significant opportunities that exist in solving the data-centric challenges faced by the music industry. Songtradr can provide an enhanced global product leveraging the use of official metadata only available through Jaxsta."
The Jaxsta and Songtradr integration will enable Jaxsta Pro members to utilise Songtradr's platform to initiate collection and ongoing management of their Neighboring Rights income. Songtradr will utilize Jaxsta's music credits metadata to assist in the identification of uncollected revenues resulting from the performance of certain sound recordings on broadcast and digital/online media.
The partnership is the first deal announced by Songtradr since the company announced its Series C capital raise of $US30 million earlier last month. Songtradr has invested AUD$1.42 million in Jaxsta by way of a secured convertible note and signed a five-year exclusive commercial agreement with a revenue share arrangement between the companies.
Songtradr is the largest B2B music licensing marketplace in the world providing music creators and rights owners with a complete tech-enabled solution for rights management and monetization while providing B2B music users such as brands, advertisers, filmmakers, SVOD and broadcast networks, gaming, streaming and social media platforms with highly-efficient, AI guided access to music.
Jaxsta is the world's largest public-facing and most connected music credits database and technology. Partnered with the industry's leading major and independent record companies, as well as publishers, distributors, royalty agencies and industry associations, Jaxsta is the go-to authoritative source of official music credits information. The Company's core platform, Jaxsta.com, is a free and paid subscription service and provides B2B data-solutions for the music and related media industries. Jaxsta ProBeta, the Company's subscription service, harnesses the power of Jaxsta's data to help music industry professionals connect, save time, and advance their businesses and careers.