Vnue Inc. is a global leader in recording live events and releasing content to fans. The company has signed a letter of intent to acquire Soundstr.
Soundstr is a technology company that helps businesses pay fairer music license fees based on actual music usage. The acquisition assists Soundstr’s progress in developing music identification technology and hardware. Next, the technology will accelerate VNUE’s patent-pending MiC (Music Identification Center) system.
“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 played, 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.”
-Vnue Inc. CEO Zach Bair.
THE FIGHT FOR MUSIC LICENSES
Soundstr is a Cincinnati based company founded by Eron Bucciarelli-Tieger. Previously, Eron Bucciarelli-Tieger served as co-founder and drummer for the platinum-selling rock band Hawthorne Heights. Like Bair, Bucciarelli-Tieger became passionate about rights management when he discovered that he did not receive proper compensation for the use of is music.
Currently, stores pay hefty royalties for music rights packages. In doing so, they purchase music packages that often contain significant fees. As a result, some small stores will either go out of business or eliminate music altogether. Things would be different under the MiC system. This is because companies would only pay for music they used. Then, the appropriate rights holders would receive proper compensation.
Additionally, Vnue Inc. will leverage the technology in its business of “instant live” recording to streamline the process of rights clearances. Blair added:
“The current performing rights system discourages venues from having music and does not fairly compensate the musicians even if the venues do pay into the PRO system. With the joining of the MiC system and Soundstr technology, we will better align the fees the venues pay with the music that’s actually played there, and by making this fee fair and transparent, increase the number of licensed venues, and ultimately increase royalty payments to the actual rights holders for the songs.”
ABOUT VNUE, INC.
Vnue Inc. is a music technology company dedicated to connecting the live music experience for artists, labels, writers, publishers, and all stakeholders. To accomplish this, Vnue Inc. creates new and exciting products, including the set.fm platform, and exclusive license partner and “instant live” pioneer DiscLive. Furthermore, the company leverages automation technology in their product development. As a result, this creates an incomparable experience in the present live space. The can identify issues such as lack of transparency with performance rights organizations. Once recognized, they work to solve the problems through innovation and patent-pending solutions.
Soundstr is a music technology company, founded by musicians. Its goal is to create transparency around real-world music usage. Soundstr wants to use technology to build a more sustainable music industry. As a result, the company helps to put more money into the pockets of songwriters and businesses.
Soundstr’s Official Youtube
MORE ABOUT VNUE INC. AND SOUNDSTR
- Read “Exit Live Launches Global Music Platform to Sell Concert Recordings” on OneEDM.
- Lastly, check out more business articles on OneEDM.