Business News Deals Digital

Utopia Music buys Lyric Financial

By | Published on Monday 1 November 2021

Utopia Music

Utopia Music – the technology company that is developing a platform to help the music industry better manage its rights and royalties – has announced another acquisition, this time it’s buying Nashville-based Lyric Financial, which calls itself “the music world’s leading music financial services company”.

The new deal follows the acquisition in September of Musimap, the Quincy Jones-backed music metadata business. Utopia says that these acquisitions will help it to “achieve its vision of becoming the music world’s de-facto growth partner, enabling an optimal business ecosystem for the entire industry”.

“Lyric Financial’s existing operations enable Utopia’s expansion into the United States”, it adds of the latest purchase, “widening the combined company’s global reach and market access, and will complement Utopia’s existing industry footprint. Likewise, by joining forces with Utopia, Lyric Financial gains competitive advantage, strength, and optimised market positioning in the rapidly growing music technology market that enables faster payments for creator rights”.

Confirming the deal, Utopia Music founder Mattias Hjelmstedt says: “The acquisition of Lyric Financial represents yet another milestone on our journey of becoming the leading financial services provider and growth partner in music. We are supercharging the entire music industry by creating new revenue streams, consolidating data, reducing administration costs, and offering a broad spectrum of diverse and deeply innovative services and effectively removing roadblocks and showstoppers that have slowed the industry down for too long”.

Meanwhile Lyric Financial CEO Eli Ball says: “Our team has already made a lasting difference for creators and performers. Yet, by partnering with Utopia, we will supercharge our mission to help creators and performers around the world with revolutionary finance solutions. The Utopia platform and their superlative data asset are putting us miles ahead of the pack. I could not be more excited!”