The South Korea-based company, which claims to be Asia’s largest music IP investment firm, said at the time that it wanted “to conquer the global music IP market” after splashing cash in the music rights market in Asia.
Beyond Music revealed today (Monday, June 5) that it has raised $170 million in a strategic fundraising round, and plans to use that capital “to acquire rights to evergreen songs”.
The company says that the latest funding round brings its total amount of capital raised to date to nearly $400 million.
Beyond Music was set up in early 2021 by hit songwriter Park Geun-tae plus Jang-won Lee (CEO), who founded “Mafia Company,” which is claimed to be Asia’s largest digital music score platform.
In April 2021, the company completed a financing round worth 65 billion South Korea Won ($51m) from Korean institutional investors including KB Securities, Base Investment, Maven Growth Partners
In December 2021, Beyond Music raised another 200 billion South Korea Won ($160m) of investment from Praxis Capital.
Leading this strategic round is Praxis Capital, Beyond Music’s largest backer, joined by, according to Beyond Music, “several of the largest LPs” in Asia.
According to Beyond Music, the capital secured from this funding round will be used “to acquire rights to evergreen songs and further establish the firm’s financial strength and deal-closing ability for music rights holders”.
Beyond Music says that it has made over 70 catalog transactions to date.
The firm says it manages nearly $400 million of AUM (Assets Under Management) including rights of over 27,000 songs, which, it says, “include some of the biggest hits of all time in Asia”.
According to Jangwon Lee, CEO of Beyond Music, the company is “home to all-time hits comparable to the Bon Jovis, Led Zeppelins and Whitney Houstons of Asia”.
Beyond Music says that it now aims to strengthen its role “as the largest and most active capital provider within the Asian music industry”.
The company adds that its “mission is to revolutionize the Asian music market by instilling a powerful new, quantitative financial infrastructure for songwriters, musicians and music labels”.
“Home to all-time hits comparable to the Bon Jovis, Led Zepplins and Whitney Houstons of Asia, Beyond Music has already established itself as the region’s market leader with the deepest pockets, quantitative disciplines and proven value-up records.”
Jangwon Lee, Beyond Music
Jangwon Lee, CEO of Beyond Music, said: “Praxis Capital is well known for its successful track record in the content industry, and brings to the table not just capital, but ‘smart capital’ that delivers insight and shared vision.
“Home to all-time hits comparable to the Bon Jovis, Led Zepplins and Whitney Houstons of Asia, Beyond Music has already established itself as the region’s market leader with the deepest pockets, quantitative disciplines and proven value-up records.
“Through this investment, we hope to continue our purpose of serving Asia’s most respected artists and their works.”
Beyond Music CEO Jangwon Lee is also CEO of CT Investments and Contents Technologies, which launched the KPOP and Korean Entertainment ETF (Exchange Traded Fund) on the NYSE Arca exchange in September 2022.
According to a statement issued by CT Investments at the time, “With the launch of the KPOP and Korean Entertainment ETF, investors now have the ability to access Korea Exchange-listed companies in the entertainment and interactive media industries that have exposure to the potential growth in K-pop and the broader Korean content industry”.
The statement announcing the ETF added that the fund “is designed to provide exposure to the Korea Exchange-listed entertainment and interactive media & services companies engaged in K-pop businesses”.Music Business Worldwide