Leading digital music streaming company Spotify has revealed that it has acquired music licensing platform Loudr in the aim of improving its operations in regard to licensing and royalty payments.
Loudr provides products, services and solutions that make it easier for content creators, aggregators, digital music services and alike to identify, track and pay royalties to the artists and music publishers.
“What Loudr has built is more than just a smart and easy way for artists to obtain mechanical licenses; it’s true music industry innovation,” said Adam Parness, Global Head of Publishing, Spotify.
“The Loudr team perfectly complements Spotify’s music publishing operation and, together, we believe we can continue to foster a more open, streamlined, and modern music publishing landscape.”
Loudr’s team will be integrated with Spotify, joining the company’s New York Offices. The company will continue to provide its services in the same way as it was before, whilst also contributing to Spotify’s own efforts to create more transparency within its own operations.
The acquisition comes just five years following the founding of Loudr in 2013, having to date raised over $1mn in funding, according to Crunchbase.