Final summer season we wrote a few critical new participant within the international music rights acquisitions area referred to as Beyond Music.
The South Korea-based firm, which claims to be Asia’s largest music IP funding agency, stated on the time that it needed “to beat the worldwide music IP market” after splashing money within the music rights market in Asia.
Past Music revealed in the present day (Monday, June 5) that it has raised $170 million in a strategic fundraising spherical, and plans to make use of that capital “to amass rights to evergreen songs”.
The corporate says that the most recent funding spherical brings its complete quantity of capital raised thus far to almost $400 million.
Past Music was arrange in early 2021 by hit songwriter Park Geun-tae plus Jang-won Lee (CEO), who based “Mafia Firm,” which is claimed to be Asia’s largest digital music rating platform.
In April 2021, the corporate accomplished a financing spherical value 65 billion South Korea Gained ($51m) from Korean institutional buyers together with KB Securities, Base Funding, Maven Progress Companions
In December 2021, Past Music raised one other 200 billion South Korea Gained ($160m) of funding from Praxis Capital.
Main this strategic spherical is Praxis Capital, Past Music’s largest backer, joined by, in accordance with Past Music, “a number of of the most important LPs” in Asia.
In line with Past Music, the capital secured from this funding spherical might be used “to amass rights to evergreen songs and additional set up the agency’s monetary power and deal-closing means for music rights holders”.
Past Music says that it has remodeled 70 catalog transactions thus far.
The agency says it manages practically $400 million of AUM (Belongings Below Administration) together with rights of over 27,000 songs, which, it says, “embrace among the largest hits of all time in Asia”.
In line with Jangwon Lee, CEO of Past Music, the corporate is “house to all-time hits akin to the Bon Jovis, Led Zeppelins and Whitney Houstons of Asia”.
Past Music says that it now goals to strengthen its position “as the most important and most lively capital supplier inside the Asian music business”.
The corporate provides that its “mission is to revolutionize the Asian music market by instilling a strong new, quantitative monetary infrastructure for songwriters, musicians and music labels”.
“House to all-time hits akin to the Bon Jovis, Led Zepplins and Whitney Houstons of Asia, Past Music has already established itself because the area’s market chief with the deepest pockets, quantitative disciplines and confirmed value-up information.”
Jangwon Lee, Past Music
Jangwon Lee, CEO of Past Music, stated: “Praxis Capital is well-known for its profitable monitor file within the content material business, and brings to the desk not simply capital, however ‘sensible capital’ that delivers perception and shared imaginative and prescient.
“House to all-time hits akin to the Bon Jovis, Led Zepplins and Whitney Houstons of Asia, Past Music has already established itself because the area’s market chief with the deepest pockets, quantitative disciplines and confirmed value-up information.
“Via this funding, we hope to proceed our function of serving Asia’s most revered artists and their works.”
Past Music CEO Jangwon Lee can be CEO of CT Investments and Contents Applied sciences, which launched the KPOP and Korean Leisure ETF (Trade Traded Fund) on the NYSE Arca alternate in September 2022.
In line with an announcement issued by CT Investments on the time, “With the launch of the KPOP and Korean Leisure ETF, buyers now have the flexibility to entry Korea Trade-listed firms within the leisure and interactive media industries which have publicity to the potential development in Okay-pop and the broader Korean content material business”.
The assertion asserting the ETF added that the fund “is designed to offer publicity to the Korea Trade-listed leisure and interactive media & providers firms engaged in Okay-pop companies”.Music Enterprise Worldwide