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Sync platform Music Dealers heading into liquidation
By Chris Cooke | Published on Friday 29 July 2016
US-based Music Dealers, a business that aimed to link independent and self-releasing artists with companies interested in syncing their music, is being wound down. Despite raising over $9 million in finance since launching in 2008, the company says that a key client abruptly terminating its contact with the firm was enough to force it into liquidation.
A spokesman for the company confirmed the news, though with the positive spin that perhaps someone might want to buy the business and revive it moving forward. Which seems optimistic, but who knows? The spokesperson told Hypebot: “It is with a heavy heart that Music Dealers has made the difficult decision to discontinue operations. We are proud of all we achieved in our eight years in business and disappointed to be in this position. We remain hopeful and focused on finding a partner who will help revive Music Dealers and once again realise its potential”.
Hypebot is also reporting that some of the artists who had songs licensed via Music Dealers remain unpaid for those syncs, and are probably now unlikely to see their money. Producer and manager Tyler Neil Johnson told the site: “After countless emails and failed promises Music Dealers failed to pay out $2600 to one of my artists. I went to email again…they bounced back… did a quick Google search to find out they went bankrupt and their Facebook and Twitter had been deleted. It’s just sad because a lot of artists like my client were never given any warning about this and will probably never see that money”.
