Songtradr has inked a five-year exclusive partnership with Jaxsta to help artists find missing revenue.
Songtradr is a music licensing marketplace and platform, and a fast-emerging player in the sync music space. As part of the partnership between the two companies, Jaxsta will utilize Songtradr’s Neighboring Rights identification and collection product with its credits metadata.
The Neighboring Rights market is estimated to be worth $2.6 billion in 2019, and it’s expected to grow. A sizable chunk of that money remains uncollected by artists, with only a portion of a song’s overall license revenues collected.
Paul Wiltshire, CEO and founder of Songtradr, says the partnership with Jaxsta will help artists collect these funds.
“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,” Wiltshire confirmed. “Many artists and musicians around the world have been impacted by the 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.”
The integration between Songtradr and Jaxsta will allow Jaxsta Pro members to use the Songtrader platform.
There, they can manage their Neighboring Rights income. Additionally, Songtradr will have access to Jaxsta’s music credits metadata to assist in identifying uncollected revenues.
Last month, Songtradr raised $30 million inSeries C funding. The B2B music rights company has invested more than AUD 1.42 million ($1.03MM USD) in Jaxsta in secure convertible notes. Songtradr and Jaxsta also inked a five-year exclusive commercial and revenue-share agreement.
Songtradr is one of the largest music licensing marketplaces in the world. Music creators and rights owners can use the platform to license music to brands, advertisers, filmmakers, gaming, and more.
Jaxsta offers both a free and paid solution for managing B2B data-solutions for the music industry. It is partnered with major and independent record companies, publishers, and distributors to be the go-to source for official music credits information.
Jaxsta CEO Jacqui Louez Schoorl says the partnership will help solve uncollected revenue problems for artists. “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.”