Utopia Music has acquired Sentric Music Group.
After buying Proper Music Group last month, the Swiss music fintech company has swooped again. The huge deal will enable Utopia to launch its new Royalty Management Services business unit, which will continue to be Liverpool-based.
The unit will enable the copyright management, allocation, distribution, and licence management required by songwriters, publishers, collection societies, performers and labels. It will be led by Sentric’s current CEO, Chris Meehan, who joins Utopia Music as vice president of Royalty Management Services and who will continue to service Sentric’s existing customer base as part of Utopia.
Utopia acquired financial services company Lyric Financial in November 2021 and AI firm Musimap in September 2021.
To support the growth of this new unit, Utopia Music will set up an engineering tech-hub in Liverpool and embark on a hiring spree over the course of 2022 to recruit top talent.
“Royalty Management Services adds additional value to Utopia’s existing immense music consumption database that currently includes more than 48 billion global data points including radio, television, and film and is continuously growing,” said a statement. “It uniquely positions Utopia as the de facto growth partner to the music industry and unchallenged market leader, championing accelerated and more accurate royalty payments to creators.”
“Royalty Management Services is set to be a cornerstone of the Utopia business model,” said Roberto Neri, COO at Utopia Music. “Our main goal is to bring ´Fair Pay for Every Play´ by partnering with all industry stakeholders and unlocking the true value of Music for the whole value chain.”
Royalty Management Services is set to be a cornerstone of the Utopia business model
“I am very excited to welcome the very well-respected Sentric team,” Neri added. “Led by Chris, this business unit will be foundational to adding additional value to our already comprehensive and global consumption database, delivering further transparency and faster royalty payouts to songwriters, publishers and collection societies for compositions and performers, and labels for neighbouring rights. Importantly, this new unit will generate employment in Liverpool, something we are passionate about as Utopia continues to grow and recruit the best talent from around the world.”
Sentric Music Group was founded in 2006 and provides technology to enable partners to collect royalties globally from a single, online platform in more than 200 territories.
"Sentric and Utopia have the same long-term vision for the Music Industry,” said Chris Meehan. “Both companies have the same passion for unlocking the true value of music, and helping creators reach their full potential. By joining Utopia in the global roll-out of our services we are sure to reach our goal faster as a unified front, providing more value to both new and existing clients.”