Utopia Music, fintech company based in Switzerland acquired Liverpool-based music publisher and publishing administration company Sentric Music Group.
In doing so, Utopia is launching a new Royalty Management Services business unit, which will be led by current Sentric CEO Chris Meehan.
Meehan joins Utopia Music as Vice President of Royalty Management Services and Utopia says he will continue to serve Sentric’s existing customer base as part of Utopia.
According to Utopia, the new business unit “will enable copyright management, assignment, distribution and management of licenses required by songwriters, publishers, collecting societies, performers and labels. “.
To support the growth of this new unit, Utopia Music plans to create an engineering technology hub in Liverpool and will “embark on a hiring spree during 2022 to bring in the best talent”.
Today’s news follows Utopia’s acquisition last month of UK distributor Proper Music Group, which claims to manage over a million tracks at a time and provide distribution services to over 1,000 labels. freelancers and service companies.
Utopia’s acquisition of Sentric marks its sixth corporate acquisition since September.
In December, it acquired US music industry directory ROSTR and Austria-based music data analytics platform ForTunes.
In October, the company bought Nashville-based financial services company Lyric Financial and in September Utopia bought Quincy Jones-backed emotional data enrichment company Musimap.
Sources tell MBW that Utopia has tens of millions of dollars.
Utopia says the new acquisition positions it “as the music industry’s de facto growth partner.”
Founded in 2006, Sentric Music Group has offices in London, Hamburg, Amsterdam, Palma, New York and Los Angeles.
He says he represents more than 3.5 million songs on behalf of more than 275,000 authors and publishers.
“Royalty Management Services is set to become the cornerstone of Utopia’s business model.”
Roberto Neri, Utopia Music
“Royalty management services are set to become a cornerstone of Utopia’s business model,” said Roberto Neri, COO of Utopia Music.
“Our primary goal is to provide ‘fair payment for every listen’ by partnering with all industry stakeholders and unlocking the true value of music for the entire value chain.
Neri added: “I am very happy to welcome the highly respected Sentric team.
“Led by Chris, this business unit will be fundamental in adding further value to our already comprehensive and global consumer database, providing greater transparency and faster royalty payments to songwriters, publishers and collecting societies. for compositions and performers, and labels for related rights.
“Importantly, this new unit will bring jobs to Liverpool which we are excited about as Utopia continues to grow and bring in top talent from around the world.”
“Sentric and Utopia have the same long-term vision for the music industry.”
Chris Meehan said, “Sentric and Utopia have the same long-term vision for the music industry.
“Both companies have the same passion for unlocking the true value of music and helping creators reach their full potential. By joining Utopia in the global rollout of our services, we are sure to reach our goal faster as unified front, delivering more value to new and existing customers.The music industry around the world