Jaxsta has reached an agreement to acquire Vampr, the music industry social network that helps musicians and artists to connect and collaborate.
Jaxsta, which operates a dedicated database of official music credits, said the deal will accelerate its growth strategy and significantly expand its user base. Vampr has reported 1.3 million users in 182 countries.
Vampr’s freemium business model converts 4% of weekly active users into paying subscribers. Vampr Pro will now be bundled with the Jaxsta Creator subscription.
Josh Simons, founder and CEO of Vampr, will join the Jaxsta C-suite as chief strategy officer to oversee the merger of Jaxsta’s product portfolio.
Beth Appleton, Jaxsta CEO, said: “The acquisition of Vampr represents a rare opportunity to accelerate the expansion of our business. We continue to focus on driving revenue growth and profitability, capitalising on the bedrock of the Jaxsta platform and the moat we have built through our industry-leading music data solution. Together, I believe we are going to be an exceptional company that will be at the forefront of the rapidly evolving music industry landscape”.
Josh Simons, founder and CEO of Vampr, added “Combining our grassroots network with the definitive official music credits database is both a highly strategic and logical combination, which we believe will provide great value to Vampr and Jaxsta’s users as well as our mutual shareholders. Our team cannot wait to get started, and I’m personally very excited to work with Beth and the Jaxsta team to build transformational products for the music industry and music lovers.”