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Thursday 25 November 2021

Royalty management player Synchtank gets more dosh to do the rights thing

logoGiven the multitudinous ways we consume music nowadays, you might imagine that ensuring everyone in the value chain – from composer to publisher to performer – gets their ‘just reward’ is a rather complex challenge.

This is something that Synchtank has been doing for over a decade with its software for managing music assets, rights, and royalty administration. Headquartered in London, and with offices in New York and Los Angeles, Synchtank has raised $5.8m in a Series A funding round led by Octopus Ventures, with participation from existing management and shareholders. Synchtank previously raised $650k in seed funding when it launched in 2011 and a further $750k early last year.

Synchtank mixes with all the right people, from independent labels and publishers through to global enterprises such as Warner Music, NFL, Vice, and Hollywood studios among many others. Its product set comprises the eponymous asset, rights and metadata management platform, and recently released IRIS, which handles copyright registration, royalty collection and accounting.

The received wisdom is that global music industry revenues could reach over $140b by the end of the decade, almost double the value in 2019. Not surprisingly then, media rights management is attracting much interest from ‘stakeholders’ such as Pink Floyd drummer – and prolific tech investor – Nick Mason, who's backing social media music licencing startup Lickd (see Floyd drummer helps Lickd get video music licencing licked). Coming at it from a different angle is Audoo, which has developed a meter that plugs into commercial establishments and takes a digital imprint of the music which is sent to the relevant performing rights organisation (see Audoo looks to the crowd to top up £1.5m funding round).

There’ll be others, and undoubtedly Synchtank will aim to plug them in to make sure the right people get the right cut.

Posted by: Anthony Miller at 09:32

Tags: funding   startup  

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