Digital distribution technology and services company FUGA has acquired Nashville-based rights management platform Songspace for an undisclosed sum.
Formed in 2014, Songspace has more than 250 publisher and record label clients including Kobalt, Reservoir Media, Downtown Music Publishing, Big Deal Music and Sentric.
Songspace bills itself as the leading software platform servicing music rights holders and provides artists, producers, businesses and creators with a cloud-based app in which they can manage their songs, lyrics, publishing splits, session files and co-writers all in one place.
The platform also acts as a centralized home for essential songwriting and publishing metadata, helping drive accurate royalty collection, including works registration, analytics and tracking, as well as identifying gaps in data.
Financial terms of the deal were not announced, although Billboard understands that FUGA plans to invest more than $1.5 million to develop and grow the Songspace platform over the next two years. The company will continue to operate as a standalone platform and its leadership team will remain in place.
“New technology has the potential to revolutionise digital rights management for rightsholders, streamlining the ecosystem in a way which makes businesses more efficient and profitable,” said FUGA CEO Pieter van Rijn in a statement announcing the acquisition.
The addition of Songspace to FUGA, coupled with future investment, will “ultimately enable our clients to manage all rights data under one roof,” he went on to say.
Songspace co-founder and CEO Robert Clement said the company’s acquisition by Amsterdam-based FUGA was “just the beginning” of its mission to build the best user experience possible and become the “the only independent platform for all music content owners.”
According to FUGA — which has more than 500 label clients (Epitaph, Ultra, Domino, Mom + Pop, among them) and collectively manages 4.5 million tracks, making over 5 million deliveries to digital service providers every month — the addition of Songspace to its business offering lays the foundations for “the only unified, end-to-end solution” for labels and publishers across the full life cycle of musical copyrights.