New York-headquartered Too Lost, one of the fastest-rising players in the indie distribution sector, is forecasting a nine-figure annual revenue haul for the second consecutive year.
Founded in 2020 by Gregory Hirschhorn, Alex Silverstein, and Bjarki Lárusson, the company works with over 400,000 labels and artists, and has previously released music from acts including Teddy Swims, Tory Lanez, Pink Sweat$, Chief Keef, Royel Otis, KAYTRANADA, and Alex Warren.
The profitable company confirms that it surpassed $100 million in annual revenue for 2025, having achieved 130% YoY growth in 2024.
Looking ahead to 2026, CEO Hirschhorn confirms that Too Lost is set to deliver yet another nine-figure annual revenue haul, projecting “significant high double-digit growth.”
That optimism is backed by momentum at year-end. Too Lost recorded 9% month-over-month growth in December, Hirschhorn told MBW, noting the growth rate “is not slowing down.”
Meanwhile, in a year-end letter to artists and partners shared with MBW, Hirschhorn revealed the company’s EBITDA more than doubled in 2025.
The company also paid out “tens of millions of dollars” in royalties to clients during the year, while its operational scale expanded substantially.
Too Lost says that it released more than 2.3 million new tracks across nearly 1 million releases during the year. More than 100,000 new artists and labels joined the platform, bringing the total user base to approximately 400,000.
Elsewhere in the letter, Hirschhorn revealed that Too Lost’s streaming performance accelerated significantly in 2025. The company reported that total streams doubled year-over-year, with Apple Music streams surging by more than 170%.
“The independent music industry continues to grow,” Hirschhorn wrote. “Since the beginning, we did all of this 100% independent. No outside investors. No handouts. Just hard work, passion, and love for the artists we get to work with every day.”
Hirschhorn also noted that Too Lost deployed significant capital into the independent ecosystem in 2025, making three notable investments in catalog acquisition and label infrastructure.
“In 2025, we deployed millions of dollars into new ventures, acquired millions of dollars’ worth of catalogs, and deployed more than $10 million in advances and marketing budgets to support independent artist growth,” he said.
“In 2025, we deployed millions of dollars into new ventures, acquired millions of dollars’ worth of catalogs, and deployed more than $10 million in advances and marketing budgets to support independent artist growth.”
Gregory Hirschhorn, Too Lost
In October, the company made a seven-figure investment in AntiFragile Equity Partners, a startup focused on acquiring and monetizing what it describes as undervalued music catalogs.
Later that month, Too Lost struck a partnership with Xposure Music to co-fund catalog acquisitions, with plans to deploy tens of millions of dollars in upcoming deals.
The company also invested seven figures into Rebellion Records, an independent label founded in 2023 that has generated approximately 5 billion streams since launch. Rebellion’s roster includes Chris Grey, who grew from 100,000 to over 6 million monthly Spotify listeners within his first year at the label.
Too Lost also expanded its global footprint in 2025, opening a new office in downtown Reykjavík (Iceland) and launching operations in the UK and Brazil through a joint venture with OnTheRadar.
“Today, Too Lost supports creators in more than 180 countries worldwide, with artists joining us from every corner of the globe,” wrote Hirschhorn.
In November, Too Lost secured a direct partnership with South Korean streaming service Melon, which counts over 6 million monthly active users.
The company now maintains integrations with more than 480 stores and services worldwide, adding partnerships with platforms including TikTok Commercial Library, Hook, Lissen, Eleven Labs, Nina Protocol, Turntable, and Soda Music during 2025.
In September, Too Lost partnered with direct-to-fan platform EVEN, allowing artists to sell music, merchandise, tickets, and exclusive experiences directly to fans.
High-profile signings during 2025 included The All-American Rejects, “whose viral house party tour became one of the most memorable moments of the year,” according to Hirschhorn.
He also noted in the letter that multiple Too Lost clients appeared on national television programs including Jimmy Kimmel Live and The Tonight Show with Jimmy Fallon.
You can read Hirschhorn’s letter in full below:
As 2025 comes to a close, I’m incredibly proud of what the Too Lost team and our community of artists and labels accomplished this year.
2025 was another defining year for our company.
Too Lost’s annual revenue grew at a strong double digit rate, and EBITDA more than doubled. We experienced our largest year of streaming growth to date, with billions of streams and views delivered across platforms worldwide. We saw stream growth double, and on some platforms like Apple Music, streams grew by more than 170%.
Behind the scenes, we continued to invest heavily in the foundation of the business. We added several new team members across our offices and opened a new office in downtown Reykjavík, expanding our international footprint and strengthening our ability to support creators around the world.
We also leaned further into long term investments in the independent ecosystem. In 2025, we deployed millions of dollars into new ventures, acquired millions of dollars’ worth of catalogs, and deployed more than $10M in advances and marketing budgets to support independent artist growth.
Artists and their success remained the core of everything we did. This year we signed incredible artists and partners. We announced investments and partnerships into catalog acquisition firms AntiFragile Equity Partners and Xposure Music, and record labels like Rebellion Records. We signed amazing artists like The All-American Rejects – whose viral house party tour became one of the most memorable moments of the year. We saw many of our clients perform live on global tours, both as openers and headliners. Our clients appeared on national television, such as Jimmy Kimmel Live and The Tonight Show with Jimmy Fallon. We launched our sync division, securing several large placements across films, commercials, video games, etc.
2025 was also a major year for global expansion. Through our joint venture with OnTheRadar, we launched in the UK and Brazil, releasing nearly 200 original freestyles to streaming services from artists in those regions. UK-based Heatwave Records, one of our fastest growing record label partners, saw multiple viral charting hits in 2025. Today, Too Lost supports creators in more than 180 countries worldwide, with artists joining us from every corner of the globe.
Product velocity reached an all time high this year. We launched our mobile apps on iOS and Android, introduced AI Mastering and Apple Digital Master delivery, and rolled out our enterprise and white label suite – with more than 60 white labeled organizations already onboarded in just a month after launch.
We introduced new payout providers, such as Manifest, features like bulk royalty split creation, enhanced delivery logs, and internal release notes to improve user experience. We added account connection tools for Audiomack and EVEN.
On the analytics side, we expanded significantly. In 2025 we launched real-time stream rate data by month, store, service, and territory. We also introduced daily Usage Discovery matches, Spotify Discovery Mode metrics and trends, TikTok Music and Resso analytics, VEVO analytics, YouTube MCN sales reporting, and dozens of new platform specific analytics integrations – including Audiomack, Mixcloud, Jaxsta, Trebel, Soundtrack Your Brand, iTunes, Alibaba, Pinterest, WhatsApp, QQ Music, KKBOX, Jiosaavn, WeSing, Douyin, and more.
We also continued expanding our DSP ecosystem, securing new partnerships with platforms like Melon, TikTok Commercial Library, Hook, Lissen, Eleven Labs, Singa, Taobao, Nina Protocol, Turntable, Rythm, Soda Music, Nuuday, Coda Music, and others. Too Lost is now integrated with over 480 stores and services around the world.
The scale of activity on the platform speaks for itself. In 2025 alone, we released over 2.3 million new tracks across nearly one million new releases. Too Lost labels and artists sent more than 4 million Fan Blasts. Millions of matches were made on unlicensed content using our Usage Discovery tool. Thousands of catalogs were migrated into Too Lost from incumbent distribution solutions. We paid out tens of millions of dollars to our clients, and welcomed over one hundred thousand new artists and labels to Too Lost.
The industry took notice as well. Too Lost and its founders were recognized on the 2025 Forbes 30 under 30 list, 2025 Inc. 5000 list (landing at #90 overall, #2 in media and entertainment and #7 in New York), named to Billboard’s 40 Under 40, and included among Billboard’s Indie Power Players – honors that reflect the collective effort of our team and the trust of our artist community.
We continued to move fast without losing focus, to build ambitious products while staying grounded in service, and to scale without losing sight of why Too Lost exists in the first place.
The independent music industry continues to grow. Since the beginning, we did all of this 100% independent. No outside investors. No handouts. Just hard work, passion and love for the artists we get to work with everyday.
To our artists and labels: thank you for trusting us with your art. We are so excited to grow with you next year.
To our store and service partners: thank you for building alongside us, valuing music and the artists who make it.
To our team: thank you for the late nights, the problem solving, and the relentless care you bring to this mission every day.
We’re just getting started. Here’s to 2026.
Music Business Worldwide