Photograph Credit score: Nick HillierSoundtrack Your Model, the self-described “main world music streaming service for companies,” has introduced a $15 million “pre-growth spherical” led by Matt Pincus’ Music.
Stockholm-based Soundtrack Your Model, which Spotify co-founded with former Beats by Dre exec Ola Sars a decade in the past, revealed the multimillion-dollar increase this morning. Touted by higher-ups because the “world’s fastest-growing B2B music streaming service,” Soundtrack Your Model’s mentioned to supply business institutions entry to round 100 million totally licensed tracks.
Along with the lead funding from Music, Soundtrack Your Model recognized Dundee Companions in addition to “all main current Soundtrack traders” as members within the pre-growth spherical. Among the many latter backers are London’s Balderton Capital (a Kobalt investor), Miami’s Gas Enterprise Capital (a Unitea stakeholder), and Sweden’s Industrifonden, Telia, and DIG Funding.
Addressing his help for Soundtrack Your Model, Matt Pincus touched upon the entry to on-demand music that it affords enterprise professionals. (One of many marketed options of the corporate’s “Soundtrack Limitless” subscription tier is an choice to make “Spotify playlists authorized” to be used in companies by importing them instantly into the Soundtrack Your Model app.)
“It’s arduous to consider however, earlier than Soundtrack Your Model, enterprise house owners had no professional choice to play music on demand for his or her prospects,” mentioned Pincus, who’d introduced a $200 million increase for Music in Could of 2022. “Virtually each enterprise has some want for music – and most enterprise house owners consider that music creators ought to be paid for his or her work. It sounds apparent, however it took a mountain of technological and enterprise innovation to deliver on-demand music to enterprise and Soundtrack nailed it.”
Pincus has additionally joined the board of Soundtrack Your Model, which is teeing up for 2024 “an extra development spherical to fund the additional consolidation of the worldwide background music market.” In the meantime, CEO Ola Sars emphasised that as we speak’s capital will allow his firm to “broaden our development mannequin into M&A.”
“Our mission to deliver transparency and accountability to the dysfunctional background music market is gaining momentum,” communicated Sars. “Our monetary efficiency and operational effectivity are each already very robust, however with this funding Soundtrack Your Model can broaden our development mannequin into M&A, consolidating the fragmented background music market and guaranteeing continued premium ARPU and honest compensation to music creators.”
At current, Soundtrack Your Model (which expenses $54 month-to-month per enterprise “zone” for the aforementioned Soundtrack Limitless plan) is alleged to boast common income per consumer of $33. Furthermore, after delivering 60 % year-over-year income development throughout 2022, Soundtrack in Q1 2023 achieved “EBITDA profitability,” based on higher-ups.