Music rights management and monetisation platform Songtradr has acquired Pretzel, the world's first platform to provide music that can be used in live streams without interruption or disruption.
The acquisition is Songtradr's third for the year and sees the Australian-owned company lean into the emerging video game live streaming space.
Pretzel is a music streaming service fully licensed for live stream content creators on platforms such as Twitch and YouTube.
The West Australian-based group offers rights holders such as artists and labels exposure to millions via live broadcasts, giving them an opportunity to monetise their music.
It nicely complements Songtradr's existing business - a marketplace that connects artists and record labels with anyone who uses their music in online content.
With live streaming on platforms like Amazon-owned Twitch witnessing major growth during COVID-19 lockdowns, Songtradr CEO Paul Wiltshire says the acquisition could not come at a better time.
"Music and gaming has always gone hand in hand, and gamers are some of the most engaged and valuable music fans," says Wiltshire.
"The explosive growth of lifestyle and gaming live streams opens up an array of opportunities for our artists and our clients.
"We immediately saw the potential for Pretzel's ground-breaking user experience and rights management technology in our ecosystem and a clear alignment of vision, values and culture."
Like live streaming itself, Pretzel scaled up massively during 2020, with monthly recurring revenues increasing by 600 per cent over the last year.
The platform licenses more than 6 million tracks from rights holders, and is currently providing more than 12,000 hours of music for monetised streams.
Pretzel is constantly updated by staff, giving content creators a stream-friendly solution and ample options without them having to worry about DMCA (Digital Millennium Copyright Act) takedowns or Content ID strikes.
"We are excited to join one of the fastest growing music tech companies in the world and continue to innovate new solutions," says Pretzel co-founder and CEO Nate Beck.
"Our goal with Pretzel has always been to allow broadcasters to stream the music they want to listen to, while compensating artists, songwriters, record labels and publishers fairly.
"By joining forces with Songtradr, we will be able to accelerate our progress, developing a platform that revolutionizes the way music is licensed."
The Pretzel deal marks Songtradr's fourth acquisition since the completion of its Series C funding round in July 2020 where the company raised US$30 million (AU$41.7 million), landing the company with a $229 million valuation.
Other acquired companies now under the Songtradr umbrella include Big Sync Music, Cuesongs, and Song Zu.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
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