Musictoday, an e-commerce company for the music industry founded by Coran Capshaw (current CEO of Red Light Management), has been acquired by interactive-commerce company The Delivery Agent. Under majority ownership by Live Nation since 2006, Musictoday has been spun off from the concert promoter for an undisclosed sum.
Headquartered in Crozet, Virginia, Musictoday’s 144 employees will remain with the company during the transition. The deal marks Delivery Agent’s first major play in music, having previously worked on digital transaction platforms for TV networks like NBC Universal, Discovery, CBS, Fox and Turner as well as sports partners like the Super Bowl, U.S. Open and Brooklyn Nets. The company’s platform enables TV viewers to purchase products in real time using e-commerce (online), T-commerce (TV-based) and M-commerce (mobile-based) functionality.
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Musictoday currently manages the e-commerce platforms of merch for artists like Tim McGraw, Dave Matthews, Lady Gaga, Pitbull, U2, Toby Keith and more than 500 others. In a statement, founder Capshaw said of the acquisition news, "I am excited about the combination of Musictoday and Delivery Agent and feel it will help drive a new chapter of digital commerce for our industry."
Mike Fitzsimmons, Delivery Agent’s CEO, says the company had been in talks with Live Nation over the last several years to discuss potential partnerships before arriving on a deal to acquire Musictoday. "We believe what we’ve been building can create great value and drive incremental revenue to this industry, and bring unprecedented solutions to an industry that we think frankly has been under-served for many years," he says.
Delivery Agent’s platform is currently available with a variety of cable and satellite providers, on iOS and Android as well as the manufacturers of TV sets themselves, including Samsung, and Fitzsimmons has already started brainstorming its potential for the music industry. "Think about watching the Grammys or a music video on the Vevo TV app. We can now enable you to directly transact from your smartphone or from your TV with our T-commerce platform. You’ll see us announce a number of new artist signings in the coming weeks as well."