Songtradr has closed its previously announced GBP £19.4 million (USD $23.4m) acquisition of B2B music company 7digital, following the receipt of all necessary regulatory approvals.
Songtradr said in a media release yesterday (March 30) that the transaction “solidifies Songtradr’s position as a key leader in the B2B music industry, establishing the company as the only one-stop music solution for digital platforms and brands worldwide”.
The release added that the acquisition will see UK-headquartered 7digital‘s music delivery platform combined, under one company, with Songtradr’s “technologies, licensing pedigree, and unmatched AI music search and metadata technology”.
Songtradr says it believes this combination will “create a first-of-its-kind streamlined and integrated ecosystem to serve the growing complex needs of digital platforms that use music”.
Paul Wiltshire, CEO of Songtradr, said: “The constraints and complexities that exist for digital games, apps and platforms as a result of long-term fragmented licensing is a huge pain point for both sides of the marketplace. Songtradr’s mission is to remove the friction and help deliver scalable solutions for the music industry while simplifying music use for enterprise brands and digital platforms.
“7digital’s technologies accelerate our ability to provide our clients with comprehensive, safe and powerful solutions. We are delighted to welcome the talented 7digital team to our family and we are very excited about what we will build together.”
7digital provides a catalog of over 80 million licensed tracks and offers API services to power music in apps across fitness, social, radio, gaming and background music.
Global brands such as Pinterest, Barry’s and Triller currently partner with 7digital’s technologies.
7digital’s CEO, Paul Langworthy, added “We are thrilled to be joining forces with Songtradr, a forward-thinking company with a clear vision for solving the challenges of the fragmented music industry and licensing ecosystem.
“Together, we will have an unparalleled combination of catalog, technology, and capabilities, allowing us to better serve our current clients and offer new enterprise clients an exceptional range of data, services, and opportunities. Our strengths combined will simplify solutions for the evolving music industry and meet the needs of the next generation of entertainment brands while creating new opportunities to enhance the value of music across current platforms.”
Other acquisitions made by Songtradr in recent months include AI metadata and music search company, Musicube in June last year.
In September 2020, Songtradr invested $1m in music credit resource Jaxsta, inks exclusive partnership.
With teams in 16 countries worldwide, Songtradr says it has grown from being a music tech product for independent artists to a “multi-disciplined, end-to-end solution for music buyers, brands and rights holders”.Music Business Worldwide