Songtradr invests AUD$1.42m in Jaxsta

 

By Emmanuel Legrand

 

Australia-based Jaxsta, which operates the world’s largest database of official music credits, has sealed a strategic five-year commercial agreement with Songtradr, in a deal valued at AUD$1.92 million (€1.18m), which includes an AUD$1.42m investment in Jaxsta via a convertible note from the Los Angeles-based global B2B music rights and licensing marketplace platform Songtradr.

  The company said: "The partnership with Songtradr and the establishment of this new revenue stream for Jaxsta and its data partners further validates Jaxsta’s tech-enabled mission of providing accurate credit for music creators and rights owners, positioning Jaxsta as a valuable partner to the music industry." Jaxsta said the exclusive agreement "enables an integrated platform solution providing Jaxsta Pro members direct access to Songtradr’s Neighbouring Rights revenue collection service."

   The Jaxsta and Songtradr integration will allow Jaxsta Pro members who have claimed their profile to utilise Songtradr’s platform and tools to initiate collection and ongoing management of their Neighbouring Rights income. Songtradr, which raised $30m in August, said it would use Jaxsta’s music credits metadata "to assist in the identification of uncollected revenue resulting from the performance of certain sound recordings on broadcast and digital/online media." 

 

Solving data-centric challenges

  Jaxsta had announced earlier this year that due to the Covid-19 pandemic and its impact on the live music industry, Jaxsta Pro would be free for the remainder of 2020. In September, Jaxsta Pro counted over 60,000 members.

  “We are thrilled to be partnering with the team at Songtradr," said Jaxsta CEO and Co-Founder Jacqui Louez Schoorl. "We believe this new revenue-generating product will also drive increased adoption of Jaxsta Pro subscriptions. This partnership with Songtradr 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. This service provides an additional benefit that Jaxsta Pro members will be able to access as we continue to grow the capabilities of the platform.” 

  Songtradr CEO and Founder Paul Wiltshire added, “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.”