Photo Credit: 7digital
Songtradr’s acquisition of global b2b music tech company 7digital has now been officially sealed — a move that further bulks Songtradr’s model.
Back in February, Digital Music News first reported that Songtradr was acquiring the UK-based 7digital in a bid valued at roughly £19.4 million (or $23.4 million at the time). Earlier this morning, Songtradr tipped that the acquisition of 7digital is now a done deal — with all signatures, approvals, and other closing details finalized.
The transaction broadens Songtradr’s position as a b2b-focused music company, with a focus on crafting solutions for digital platforms and brands worldwide. Songtradr, whose core focus remains in sync, declined to offer a price on its latest acquisition, though regulatory documents reviewed earlier this year revealed the aforementioned purchase tag.
7digital, a longtime provider of music-related backend and licensing services for a range of platforms, also confirmed the deal. The company has long been associated with powering music platforms across a variety of formats, including now-obsolete downloads and more currently, streaming. These days, 7digital also touts its role powering music services for ‘leading apps in fitness, social, radio, gaming and background music.’
Accordingly, Songtradr’s acquisition of 7digital expands capabilities for user experiences in social media, lifestyle apps, and video games, and extends its reach into new markets. A major part of the puzzle comes from pre-licensed catalogs, which are anything but simple to obtain.
“The constraints and complexities that exist for digital games, apps, and platforms as a result of long-term fragmented licensing is a huge pain point for both sides of the marketplace,” relayed Paul Wiltshire, CEO of Songtradr. “Songtradr’s mission is to remove the friction and help deliver scalable solutions for the music industry while simplifying music use for enterprise brands and digital platforms.
“7digital’s technologies accelerate our ability to provide our clients with comprehensive, safe, and powerful solutions. We are delighted to welcome the talented 7digital team to our family, and we are very excited about what we will build together.”
“We are thrilled to be joining forces with Songtradr, a forward-thinking company with a clear vision for solving the challenges of the fragmented music industry and licensing ecosystem,” adds Paul Langworthy, CEO of 7digital.
“Together, we will have an unparalleled combination of catalog, technology, and capabilities, allowing us to better serve our current clients and offer new enterprise clients an exceptional range of data, services, and opportunities. Our strengths combined will simplify solutions for the evolving music industry and meet the needs of the next generation of entertainment brands while creating new opportunities to enhance the value of music across current platforms.”
With teams in 16 countries worldwide, Songtradr has been consistency triggering acquisitions to expand its business. The company now counts a long list of acquired companies (and their executives), including MassiveMusic, Big Sync Music, Tunefind, Pretzel, and Musicube.