Blockchain-powered music data tracking platform acquires Swedish technology development company to open avenues to an estimated $30-60 billion of untapped revenue in the music industry
Zug, Switzerland – October 11th, 2018 – Utopia Music, the company behind cutting-edge data analysis and blockchain-powered tracking and attribution platforms, are building towards its goal of creating a more transparent and efficient music ecosystem, with the announcement of the acquisition of ISPY Group, a full-service technology development company.
Established in 2003, ISPY Group is a Stockholm-based digital agency which specialises in multi-platform development, design and usability, tailored online strategies, and hosting infrastructure for online media and internet companies. ISPY Group delivers scalable and secure global infrastructures with some of its clients’ platforms handling over 100 million users worldwide.
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,” he continued.
The acquisition will facilitate the rapid global scaling of Utopia Music’s platform and help expand its business operations. Following the commencement of the acquisition in mid-June 2018, the ISPY Group is expected to be fully incorporated into Utopia Music AG by the end of the year. Utopia Music’s head office, along with management of the group, will continue to run out of Crypto Valley in Zug, Switzerland, with operations, technology, and development being run from Barcelona, Spain, and Stockholm, Sweden.
Peter Karlsson, CEO and Strategic Business Developer at ISPY Group, said:
ISPY Group has always had a bold vision to help our clients change the way they leverage technology, and we are proud to be contributing to the end-to-end digitisation of the music value chain and the revitalisation of the status quo with our deep expertise and knowledge. Joining forces with Utopia Music allows us to strategically pivot from being a consulting business to becoming a product development company, and the engine that powers the music industry.”
By collecting massive volumes of data, creating unique metadata, and building real-time analytics tools, Utopia Music is unlocking creative value and opening avenues to access 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. Utopia’s transparent and unified music rights database will ensure that rights holders and licensees are represented, protected, and paid. Its smart contract-powered, blockchain-based architecture will also allow for the automated administration and distribution of royalty payouts.
For more information, visit Utopia Music
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