Utopia Music, a blockchain powered music tracking platform has acquired technology development company ISPY Group. The acquisition will help Utopia Music scale and expand.
ISPY Group is expected to be fully incorporated into Utopia Music AG by the end of the year. Utopia's head office will continue to run out of Crypto Valley in Zug, Switzerland, with operations, technology and development run from Barcelona and Stockholm.
By collecting volumes of data, creating unique metadata, and building real-time analytics tools, Utopia Music is hopes to unlock an estimated $30 - $60 billion of untapped revenue in the music industry. Utopia Music will also offer refined user data to help shape better business decisions in a digital era, in order to better connect artists to fans.
Commenting on the acquisition, Mattias Hjelmstedt, CEO and Founder of Utopia Music, said:
“At Utopia Music, we are building an inclusive ecosystem which will benefit all stakeholders in the music world by removing existing inefficiencies and unlocking untracked revenues. Our technology will fuel streamlined rights management, allowing for flexible and customisable payments, as well as providing insightful user data to help artists and businesspeople make more informed decisions.”
“Our strategic acquisition of the ISPY Group will help us build a powerful data communications protocol upon which any third-party can build new products and services, fuelling value creation in the wider music ecosystem. The wealth of tech talent from ISPY Group — composed of more than 30 R&D engineers and designers — and their cutting-edge technological solutions will strengthen our platform and service offering, allowing us to become a leader in the space.”
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