A long-term agreement has been signed between digital music solutions provider 7digital and business-to-business music fintech firm Utopia Music.
With its music-as-a-service platform giving access to global audio and track metadata for a variety of use cases, digital said Utopia was a new client for the business and indicated “increasing demand” for music data and intelligence services.
The AIM-listed company claimed that Utopia will make use of 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 in order to ensure more precise royalties payments to copyright holders. The deal’s financial details were made public.
“It is always great to win a new customer that demonstrates the competitive quality of our service,” chief executive Paul Langworthy said. Up to 100.0 million songs will be recognized globally thanks to the integration of Utopia’s cutting-edge tracking and payments technology with 7digital’s premier catalog and metadata, which will help the whole industry generate more revenue faster and at lower costs.
“We are also happy to have landed another contract that fosters expansion and grows in accordance with our customer’s changing business requirements. With this agreement and others already inked this year, the business has already guaranteed a 36 percent rise in platform licensing for 2022 compared to 2021.
