The growing segment of music streaming for businesses has taken another step forward. Soundtrack Your Brand, a cloud-based music service that is trying to become the Spotify of the business streaming world, signed a global licensing deal with Universal Music Group to use its catalog of music on the platform. The Stockholm-based company, which says it is the world’s fastest growing B2B music platform, delivers the flexibility of music-streaming technology to brands and businesses.
The UMG deal, which excludes China, means Soundtrack Your Brand now has direct licensing deals with all three major labels, meaning it doesn’t need do business with SoundExchange, the performance rights organization. It also has direct deals with more than 9,000 publishers, allowing the company to offer performing rights in its subscriptions, meaning a Soundtrack customer does not need to pay ASCAP or BMI. Soundtrack charges $31.49 a month for a subscription.
A 2018 study on background music by Nielsen Music (now MRC Data), commissioned by Soundtrack, found that 21.3 million businesses are using illicit consumer services, leaving an estimated $2.65 billion in revenues a year untapped for the global music industry. With an estimated 88% of businesses playing music four or five days a week and 86% prepared to pay for an improved service, the opportunity is substantial, Nielsen found. (The study engaged with 5,000 small businesses across seven countries: the U.S., U.K., Germany, Sweden, Spain, Italy and France.)
Source: To read full article Billboard