Los-Angeles based B2B music rights and licensing marketplace Songtradr has entered into an exclusive partnership with Australia-based, publicly listed technology company Jaxsta.
Founded in 2015 by Jacqui Louez Schoorl and Louis Schoorl, Jaxsta claims to be “the world’s largest dedicated database of official music credits”.
The company launched the beta version of Jaxsta.com on June 12, 2019 and helps artists collect missing revenue.
The partnership is the first deal announced by Songtradr since the company announced its Series C capital raise of US $30 million earlier last month.
Songtradr has invested AUS $1.42m (approximately US $1.03) in Jaxsta (by way of a secured convertible note) and signed a five-year exclusive commercial agreement with a revenue share arrangement between the companies.
The Jaxsta and Songtradr integration will enable Jaxsta Pro members to use Songtradr’s platform to initiate collection and ongoing management of their Neighboring Rights income.
Songtradr, meanwhile, will use Jaxsta’s music credits metadata to assist in the identification of uncollected revenues resulting from the performance of certain sound recordings on broadcast and digital/online media.
“Jaxsta has solved a significant piece of the music industry data dilemma and has built a scalable technology solution that integrates neatly into our music rights ecosystem and licensing marketplace.”
Paul Wiltshire, Songtradr
Paul Wiltshire, Songtradr, CEO and Founder, said: “Jaxsta has solved a significant piece of the music industry data dilemma and has built a scalable technology solution that integrates neatly into our music rights ecosystem and licensing marketplace.
“Many artists and musicians around the world have been impacted by loss of earnings from live performance and this partnership allows us to increase our capacity to collect unidentified and unclaimed revenue during these unprecedented times.”
“This partnership highlights the significant opportunities that exist in solving the data-centric challenges faced by the music industry.”
Jacqui Louez Schoorl, Jaxsta
Jacqui Louez Schoorl, Jaxsta’s CEO and Co-Founder added: “We are thrilled to be partnering with the team at Songtradr.
“This partnership highlights the significant opportunities that exist in solving the data-centric challenges faced by the music industry.
“Songtradr can provide an enhanced global product leveraging the use of official metadata only available through Jaxsta.”Music Business Worldwide