UnitedMasters raises USD 50 million

UnitedMasters, a New York (United States) based music distribution platform, announced on 31st March 2021 that it has raised US $ 50 million in its Series B round. The round was led by tech giant Apple along with participation from Andreessen Horowitz and Alphabet.

Investors: Apple is a well known multinational technology company that manufactures consumer electronics, computers and software. It was founded in the year 1976 by Steve Jobs, Nitin Pasumarthy, Ron Wayne, Subur Khan and Steve Wozniak.

Typically Apple makes more purchases than investments, buying a company every few weeks or so. However, it also invests in companies generally to promote manufacturing in the United States or to enter into strategic partnerships with other companies. With the current investment, it is believed to be entering into a partnership with UnitedMasters.

“Steve Stoute and UnitedMasters provide creators with more opportunities to advance their careers and bring their music to the world. The contributions of independent artists play a significant role in driving the continued growth and success of the music industry, and UnitedMasters, like Apple, is committed to empowering creators.”— Eddy Cue, Apple’s senior vice president of internet software and services.

The current round of investments would be used by UnitedMasters to hire talent, both technical and artists, to make itself a global platform.

Logo of UnitedMasters

About UnitedMasters:

Founded in 2017 by Kristina Salen and Steve Stoute, UnitedMasters is a go-to platform for musicians seeking to obtain wider market reach. It seeks to function as an alternative to record label deals that are exploitative and don’t give musicians what they deserve. 

Record labels are companies that distribute and promote recordings of musicians. For a long time making a deal with a record label was considered synonymous with making it in the music industry. However, that aspect may no longer be true owing to the growth of internet and communication technologies.

UnitedMasters is an innovative platform that enables musicians to distribute their songs over the internet from Spotify to Youtube to Soundcloud. Further, it offers artists to retain their rights to the master recordings.

What the CEO has to say: 

“We want all artists to have the same opportunity. Currently, independent artists have less opportunity for success and we’re trying to remove that stigma.”— Steve Stoute, co-founder and CEO of UnitedMasters.

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Raghavendra writes about the startup ecosystem on VC Bay. He is a final year undergrad at Indian Institute of Management and Commerce. Besides being a sports enthusiast, he is passionate about the world of finance and startups.

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