7digital, a provider of digital music solutions, and Utopia Music, a business-to-business music finance startup, have formed a long-term deal.
With its music-as-a-service platform providing access to worldwide audio and track metadata for a number of use cases, digital announced Utopia as a new customer, indicating “growing demand” for music data and intelligence services.
According to the AIM-listed company, Utopia will use 7digital’s global music database capabilities, in addition to its current data capabilities, to enable customers to track and gauge how their music copyrights are used around the world, ensuring more precise royalties payments to copyright holders. The financial terms of the transaction were made public.
“It’s always exciting to earn a new customer who proves the competitive quality of our service,” stated CEO Paul Langworthy. Because of the combination of Utopia’s cutting-edge tracking and payments technology with 7digital’s renowned library and metadata, up to 100.0 million songs will be recognized internationally, allowing the whole industry to make more income faster and at lower costs.
“We are also pleased to have secured another contract that encourages development and growth in response to our customer’s evolving business requirements.” With this arrangement and others signed this year, the company has already guaranteed a 36% increase in platform licensing for 2022 over 2021.
