Data-driven music platform has raised over $235M in just over two years and is now introducing the first-ever asset-backed securitization (ABS) transaction backed by indie artists' music
NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Duetti, a music platform democratizing catalog monetization for independent artists, today announced it has raised $114 million in new funding. This includes $34 million in equity financing led by Flexpoint Ford, along with participation from existing investors Nyca Partners and Viola Ventures. Additionally, Duetti successfully completed its inaugural $80 million privately rated asset-backed securitization (ABS) transaction, backed by a highly diversified music rights catalog. Barclays acted as the sole structuring and placement agent for the ABS.
"We believe we are leading the way in educating the capital markets on the significant long-term value of the independent music sector," said Lior Tibon, CEO and Co-Founder of Duetti. "The number of independent artists is growing at an unprecedented rate, and Duetti is here to ensure they have access to differentiated financing solutions. Duetti will now be able to utilize more diverse and efficient financing sources, enabling us to significantly expand and offer more funding options for independent artists, outside of the major label ecosystem."
The company aims to use the proceeds from its new funding to accelerate its acquisition of music catalogs and expand its proprietary forecasting, pricing, sourcing, and marketing technology, offering artists even better data-driven deals with fast turnarounds and impactful catalog management. Duetti is rapidly developing marketing and optimization capabilities, with programs such as a playlist network of close to two million followers on Spotify, proprietary channels on YouTube, as well as ongoing remix launches and sync placements in TV shows, films and advertisements. These initiatives increase the visibility of Duetti's artist partners and grow their audience across all major digital platforms.
"We are proud to support the Duetti team, one of the fastest growing music rights companies in recent years, and their innovative approach to music financing as they continue to empower independent artists," said Mike Morris, Managing Director at Flexpoint Ford. "We see tremendous potential in their ability to provide scalable, data-backed solutions that address the evolving needs of musicians today and are looking forward to the company's exciting growth plans."
Flexpoint is a private equity firm focused on the financial services and healthcare sectors, offering tailored and flexible capital solutions to its partner companies. The investment was made through Flexpoint's Asset Opportunity Fund, which leverages the firm's expertise in financial services and private equity to invest in opportunistic asset-driven investments across financial services subsectors and assets, including music.
Duetti has partnered with over 500 artists to date across genres, based in over 30 countries, including MC Delux, SadBoyProlific, and Savannah Dexter. Artists have been able to secure immediate access to the funds needed to support their careers by selling master catalogs, individual tracks, or portions thereof, in deals typically ranging from $10,000 to $3 million per artist. In addition to immediate access to capital, the company's optimization services have helped artists maximize distribution and audience impact across all platforms, driving significant increases in streams and visibility.
"Duetti has completely changed the game for me as an independent artist," said FTO Sett, Memphis-based rapper and Duetti Artist Partner. "Not only has my partnership with Duetti allowed me to fund new projects, but the team is also optimizing my profile across streaming services to help reach a brand new audience and bring new opportunities to the table - some of my tracks saw 3x increase in streams since I partnered with Duetti. It's hard to find a company that feels like a true partner, but Duetti has been just that for me."
Artists with tracks that have been on streaming platforms for at least 2 years, and have garnered at least 500,000 streams in the last 12 months can learn more about master sale opportunities on Duetti.co.
About Duetti
Duetti was founded by Lior Tibon, former COO of TIDAL, and Christopher Nolte, former Business Development executive at Apple Music, with the mission of getting a wide range of artists quick and easy access to catalog sales and unlocking new investment opportunities. Leveraging their experience in streaming and support from innovative music and technology investors including Flexpoint Ford, Nyca Partners, Viola Ventures, and Roc Nation, Duetti's music platform has helped over 500 artists receive up to $3 million per transaction. The proprietary model provides data-driven prices for established tracks, allowing artists to sell individual tracks or even parts thereof, while Duetti then markets those tracks going forward using proprietary ROI-focused techniques.
About Flexpoint Ford
Flexpoint Ford is a private equity investment firm that has approximately $8.3 billion of regulatory assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm's formation in 2005, Flexpoint Ford has completed investments across a broad range of investment sizes, structures, and asset classes. Flexpoint Ford has offices in Chicago, Illinois, and New York, New York.
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