Utopia Music acquisition of Lyric FinancialAccelerating royalty payments for the global creator community
Zug and Nashville, Oct. 29, 2021 — In its latest acquisition this year, Swiss Music fintech company Utopia Music, acquired Lyric Financial today, the industry-leading music financial services company, paving the way to becoming the de-facto global music industry growth partner.
Lyric Financial’s existing operations enable Utopia’s expansion into the United States, 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 optimized market positioning in the rapidly growing music technology market that enables faster payments for Creator Rights.
“The acquisition of Lyric Financial represents yet another milestone on our journey of becoming the leading financial services provider and growth partner in music,” said Mattias Hjelmstedt, Founder and Chairman of the Board at Utopia 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. Acquiring Lyric Financial is a key enabler in helping creators and performers get paid faster and enable more creators and performers to make a living off their art.”
Lyric Financial’s technology powers music tech platforms by enabling automated decision-making granting creators immediate royalty payouts in the form of credit, enabling them to finance future projects.
“Our team has already made a lasting difference for creators and performers”, said Eli Ball, CEO of Lyric Financial. “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!”
Lyric Financial will continue to service its existing customer base as part of the Utopia family, while it moves towards its goal of being able to provide a more robust offering of royalty financing to new customers.
Last September, Utopia Music acquired Quincy Jones’-backed metadata and AI business, Musimap. With the acquisition, Musimap aims to become the standard for emotional AI in music that will supercharge the global industry.