Music distribution firm UnitedMasters on Thursday raised $50 million in a Sequence C funding led by Andreessen Horowitz at what’s now a $550 million valuation.
New York-based UnitedMasters will use the cash to increase internationally, together with in Latin America. It is going to permit extra artists to keep up full possession over their work in trade for a price. Moreover, the startup plans to put money into extra applied sciences to assist artists and impartial creators with offers, model partnerships and monetary instruments.
UnitedMasters’ development is a part of a pattern in music startups boosted by platforms reminiscent of TikTok, which combine a whole lot of music and sound of their short-form movies. Musicians typically personal the rights to their music, so these companies might probably assist artists instantly promote to individuals with a report firm behind them.
“Day by day we ask ourselves what extra we could be doing to assist our artists find success in a creator financial system that always leaves the precise creators behind. Alongside our companions at a16z, we’re going to double down on this mission, empowering artists to create and earn by attain, know-how and partnerships” Stoute stated in an announcement.
“UnitedMasters’ spectacular development during the last 12 months underscores that Steve and the crew not solely perceive what the way forward for the music enterprise seems to be like but in addition find out how to meet the calls for of each impartial artists and followers concurrently,” David George, normal associate at Andreessen Horowitz stated.
UnitedMasters just lately partnered with Coinbase to offer cryptocurrency capabilities to artists. Additionally it is working with TikTok to assist manufacturers utilizing in-app music and sound options.