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Apple Invests $50 Million In UnitedMasters Culturally Relevant Music Artist Platform

Music industry executive and pioneer Steve “The Commissioner” Stoute’s UnitedMasters, music distribution and data analytics company, has raised a $50 million series B round led by Apple

AAPL

. A company like UnitedMasters leveraging analytics to holistically monetize fans could go a long way in uncovering new opportunities for revenue growth. Andreessen Horowitz and Alphabet also re-upped their investment in the company, as UnitedMasters is set to enter into a strategic partnership with Apple. 

The Breakdown You Need To Know:

UnitedMasters initially raised $70 million from Andreessen Horowitz and Alphabet in 2017, with personal involvement from Larry Page and Ben Horowitz joining the board. CultureBanx noted the platform with its 1 million current artists is set up to create a more equitable future for artists by distributing music across the range of digital platforms out there, think Spotify, Tidal (now Square), and Soundcloud. Then, it collects data on the artist’s listeners, that they can use for advertising things like concerts and merchandise sales. Basically UnitedMasters can check streams, fan and earnings data at a glance. 

“Currently, independent artists have less opportunity for success and we’re trying to remove that stigma,” Stoute said to Tech Crunch. Revenue from indie labels and artists grew 27% in 2020, increasing their combined streaming market share to 31.5%, according to industry data provider Midia Research.

UnitedMasters wants to provide that technical edge at

Article source: https://www.forbes.com/sites/korihale/2021/04/07/apple-invests-50-million-in-unitedmasters-culturally-relevant-music-artist-platform/

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