Rights management platform OpenPlay has concluded a strategic investment round sourced from a range of global investors led by industry veteran Tracy Maddux.
The multi-million dollar strategic investment round will support OpenPlay’s next phase of growth, expanding its product suite, bolstering its team and driving international market entry.
Launched in 2013, OpenPlay powers more than 3,500 labels, distributors and publishers across 24 countries.
The growth in streaming has created unprecedented data volumes and operational complexity. OpenPlay manages millions of assets on a daily basis.
Edward Ginis, CEO of OpenPlay, said: "We are building the business engine that powers how music rights are managed, monetised and maximised globally. The industry has been waiting for a platform that doesn't force rights owners to choose between control and collaboration. OpenPlay puts you firmly in the driver's seat, all while maintaining all relationships with distributors, service providers and the broader ecosystem. This new investment accelerates our ability to deliver that freedom to every rightsholder globally."
Leading the investment round is Tracy Maddux, principal consultant at Artes Management and former chief commercial officer at Downtown Music Holdings, where he spearheaded major acquisitions including Fuga and Curve Royalty Systems.
OpenPlay has successfully become a trusted, independent platform that enhances and empowers business relationships
Tracy Maddux
Maddux, who is also joining OpenPlay’s board alongside co-founders Edward Ginis and Brady Brim-DeForest, has experience in scaling music technology platforms internationally including CD Baby. He currently serves on the boards of Landr and PostUp.Pro.
Maddux is joined by a consortium of strategic investors including David Alexander, founder of Sheer Publishing; John Horton, founder and former CEO of LegitScript; and FaroLatino, an independent music company specialising in digital distribution, publishing, royalty collection and catalogue management for the Latin music market.
Tracy Maddux said: "OpenPlay has successfully become a trusted, independent platform that enhances and empowers business relationships. It provides the control and visibility that rights owners have long been looking for, providing a critical infrastructure layer that means it’s well positioned to play an even greater role in shaping the systems of the global music business. I’m looking forward to supporting the team in this exciting next chapter.”
OpenPlay’s product suite includes providing labels with distribution flexibility, allowing them to optimise their strategy across multiple channels and regions. It also offers financial statement ingestion and revenue analysis, as well as workflow management across entire organisations.
Additional new products are under development, with further launches expected in the coming months.
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