It is my pleasure to let you know that Lyric Financial is now part of the Utopia Music family. Utopia is an industry-leading music financial services company, which means that you, our Creators, will now have access to a wider range of services.
For more than 14 years, Lyric Financial’s technology has powered music tech platforms by enabling automated decision-making granting Creators immediate royalty payouts in the form of credit, and enabling them to finance future projects. For us, you, our clients, have always been at the center of every effort and every innovation and that’s why we are excited to join the Utopia family.
Through this acquisition, Lyric Financial gains competitive advantage, strength, and optimized market positioning in the rapidly growing music technology market that enables faster payments for Creator Rights.
Utopia offers a wide range of services to Creators, Collection Societies, Distributors and other Music Industry players. Their services range from royalty management, including consumption analytics and royalty distribution to music metadata enhancement and unique song analytics to help Creators connect with their Audiences.
This process will not impact the current service we provide you in any way. Our relationship will stay as it is but now you will have easy access to new services. Utopia’s mission is to serve Creators and the Music Industry as a whole in a more comprehensive way and deliver Fair Pay for Every Play.
Mark Shornick will now be running Lyric Financial’s operations moving forward at Utopia. I know you may have many questions, and as such we’ve prepared a FAQ that should respond to your most pressing queries. But please reach out if there is any other concern I may help you with.
Finally, if you have any questions, please feel free to reach out directly to me at firstname.lastname@example.org.
What is happening?
On October 29th, Utopia Music closed and signed a definitive agreement to purchase Lyric Financial, which will become a 100% subsidiary of Utopia Music as part of their Financial Services business unit.
What is Utopia?
Welcome to Utopia, which was founded to live up to its name: To create a Utopia for the Music Industry.
The founders have worked in almost all of the tech/media industries before and have even been accredited to have changed the nature of some of them. The one industry we have always had our eye on, however, is the Music Industry, which because of its entrenchment and archaic nature is living in a form of dystopia. It is full of legacy systems holding it back, which makes it harder for all creatives to thrive and win.
Considering it can take years to get paid, the fact that you have no idea when someone used your music, and that large parts of revenue disappear in administration fees, it can make you go nuts. Especially since we KNOW it can be fixed. We need to fix the data gap and automate the industry.
This is why we founded Utopia, to right the wrong. And we’re hell-bent on doing it. We WILL change it, and we are so happy you’re along with us for the ride!
Utopia aims to become the world’s preferred technology firm supporting everyone in the Music Industry by creating new revenue streams, consolidating data and reducing administration fees by offering a broad spectrum of diverse, yet deeply innovative services across the globe. Our objective is to enable Fair Pay for Every Play, change the fabric, and fix the data gaps in the Industry.
We leverage our domain expertise to offer technology and services in the Music Industry. With a presence in Sweden, Finland, UK, Australia, and Switzerland, Utopia employs more than 170 employees and services more than 9 billion data points worldwide.
What does Utopia do?
Utopia offers a range of services to Creators, Collection Societies, Distributors and other Music Industry players. Our services range from royalty management, including music consumption analytics and royalty distribution to music metadata enhancement and unique music analytics to help Creators connect with their Audiences. Our portfolio of services is growing constantly in order to serve the Industry and achieve our vision.
Why Lyric Financial and Utopia?
Utopia is buying winners - companies that compliment Utopia and will help it grow, move fast, and deliver solutions the industry is lacking globally.
Client Value: Music Industry Creators are receiving royalty payments well after their performances or their music consumption. Delays in payouts can range from three months (in digital) to up to three years (broadcasting). For many creators, this kind of delay is simply unacceptable, especially during the pandemic, when other revenue streams (i.e. live music) have slowed down. The new Utopia Music/Lyric Financial partnership will help Creators get paid immediately and increase their liquidity.
Available for Distributors as a Partnership Model: Lyric Financial is also offering digital music distributors a partnership model with automated technology that allows them to provide royalty advances for their Creator customers.
By using the technology provided by Utopia and Lyric Financial, distribution partners can immediately improve the added value they provide for their customers - they can reduce churn risk and increase customer satisfaction.
Utopia will merge the Lyric Financial offering to other data consumption services making it accessible to its other customers with a similar end game - to make it easy for collection societies, publishers, and labels to provide faster royalties for their Creators.
Expanded Global Footprint: Lyric Financials’ operations spearheads Utopia’s entry into the United States, broadening the combined company’s global reach and accessibility, and will support Utopia’s existing nearshore/offshore industry footprint. Likewise, by joining forces with Utopia, Lyric Financial gains strength and market position in a rapidly growing music technology market as a preferred technology supplier, and which also provides them with expansive global resources.
Resource Alignment: By combining Utopia and Lyric Financials’ diverse and highly skilled resources, we expand our capacity and capability. This enables us to realize growth sooner and in a more sustainable way. We believe that every member of the team brings valuable experience, perspectives, and input to the table. We’re looking forward to close collaboration among both team members with the aim of mapping our joint future.
What does this mean for clients?
Lyric Financial and Utopia can jointly offer artists more in-depth expertise and faster royalty payments. There’s an exciting future coming filled with innovation and new services that Utopia can provide to Lyric Financial’s clients. That’s why we want to continue servicing all of you, and help you progress your own career by offering you a spectrum of new technology services that are focused on solving your most pressing problems.
At Utopia Music we’re focused on unlocking the full potential of the Music Industry, which means that our focus is and always will be on making sure our clients have everything they need to succeed.