VNUE Inc. To Acquire Music Rights Startup Soundstr
VNUE acquisition aims to ensure a fairer royalty system
VNUE, Inc. is leading a group that has signed a letter of intent to acquire Soundstr, a technology company that helps businesses pay fairer music license fees based on actual music usage.
The acquisition leverages Soundstr's progress in developing music identification technology and hardware that will accelerate VNUE's patent-pending MiC™ (Music Identification Center) system to market considerably.
"For years, the performance rights organizations (PROs) have utilized blanket licensing agreements to charge businesses, such as the 62,000+ bars and taverns in the US, large fees for music they are likely never going to play, due mainly because the PROs have no idea what music is actually being played," said VNUE CEO Zach Bair. "Because of this, many rights holders don't see a dime from performances of their work in blanket licensed businesses. Our technology aims to solve this issue and make it fair for everyone."
Instead of paying those large fees in the current system - sometimes resulting in small stores going out of business or eliminating music altogether - music licensees under the MiC system would only pay for music they actually used, and the appropriate rights holders would then be properly compensated. Additionally, VNUE will leverage the technology in its business of "instant live" recording to greatly streamline the process of these types of rights clearances.
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