Aussie-Owned Music Platform Snares $42M Raising
Aussie owned online music platform, Songtradr, has reportedly closed a $42 million capital raising, with the support of Rich Listers increasing talk of a future ASX listing.
Disclosed in an exclusive AFR report, participants included the St Baker family office, joining backers such as Tech Global boss and Rich Lister, Richard White.
Songtradr aids independent artists to facilitate links to brands and content providers, increasing the chance of monetisation via TV and advertising placement.
Royalties are also facilitated via streaming platforms such as Spotify.
Songtradr’s diversified model also manages select licences for notable rights holders.
The company is reportedly seeking to etch a tech team in Australia, and is operating out of an office in Northern Ireland.
Raised funds are said to be used for organic growth, product development and complementary strategic acquisitions.
Users include the likes of Microsoft, Netflix, Disney and Amazon, with the platform notching around 500,000 active users from a library of over a million songs.