Music lyrics provider Musixmatch has secured a strategic investment from TPG Growth, described as “the middle market and growth equity platform” of asset management firm, TPG.
Founded in San Francisco in 1992, TPG has $120 billion of assets under management and invests across what it calls “five multi-product platforms”, including Capital, Growth, Impact, Real Estate, and Market Solutions.
Founded in 2010, Musixmatch claims to have assembled the world’s largest lyrics catalog.
With lyrical content for millions of songs across over 80 languages, Musixmatch provides its metadata to DSPs including Amazon Music, Apple Music, Google, Instagram, Spotify, and Tidal.
The company is also backed by VC firms Micheli Associati, P101 Venture, and United Ventures.
TPG notes that it has “significant experience” investing in music and streaming.
The firm’s portfolio of music and broader media investments includes meditation app Calm, Creative Artists Agency (CAA), DirecTV, Entertainment Partners, Fandom, and Spotify.
In 2019, meanwhile, Kupanda Holdings, a joint venture between TPG Growth and pan-Africa investment company Kupanda Capital, made a multi-million dollar investment in Nigeria’s Mavin Records.
Musixmatch says that its content is generated and “continuously updated” by more than 20 million curators, in addition to what it calls “sophisticated” AI and machine learning technology, as well as a network of more than a million verified artists, and a team of in-house trained quality assurance specialists.
The company also has relationships with more than 100,000 music publishers globally, including BMG, Kobalt, Sony Music Publishing, Universal Music Publishing, and Warner Chappell.
Musixmatch expanded into music distribution in June 2021 with a service called Musixmatch Pro.
“We are thrilled to welcome TPG as a partner and look forward to what we can bring to our artists and their fans.”
Max Ciociola, Musixmatch
Musixmatch Founder and CEO Max Ciociola, said: “Over the past decade, our team has built Musixmatch from the ground up with a vision to better represent songwriters and artists, allowing their lyrics to reach a global community of music lovers.
“The team at TPG brings more than just deep experience investing behind world-class music and streaming companies – they also share our ethos and the entrepreneurial spirit that has been a hallmark of our success to date and will continue to drive our next phase of growth.
“We are thrilled to welcome TPG as a partner and look forward to what we can bring to our artists and their fans.”
“We have long admired the impressive platform that Max and his team have built.”
Jacqui Hawwa, TPG Growth
Jacqui Hawwa, a Business Unit Partner at TPG Growth, added: “Digital music streaming has become the default form of music consumption and continues to experience robust growth.
“We have long admired the impressive platform that Max and his team have built and believe Musixmatch’s unparalleled metadata catalog, proprietary lyrics sourcing engine, and extensive relationships with streaming platforms and IP owners will continue to position the company for success in this large and growing market.”Music Business Worldwide