What you need to know
- Apple has led a $50 million investment in UnitedMasters, an independent music distribution platform.
- UnitedMasters focuses on giving all artists the same opportunity when it comes to sharing music.
A new report says that Apple has led a $50 million investment in independent music sharing platform UnitedMasters.
As reported by TechCrunch:
Independent music distribution platform and tool factory UnitedMasters has raised a $50M series B round led by Apple. A16z and Alphabet are participating again in this raise. United Masters is also entering a strategic partnership with Apple alongside this investment.
Launched by Steve Stoute in 2017, UnitedMasters' focus "is to provide artists with a direct pipeline to data around the way that fans are interacting with their content and community, allowing them to connect more directly to offer tickets, merchandise and other commercial efforts."
As the report notes, Apple's investment is somewhat unique, as it normally limits investment in companies to its Advanced Manufacturing Fund, spurring on the production of hardware components like glass for its iPhones.
In an interview, Steve Stoute said UnitedMasters wants "want all artists to have the same opportunity", which he says isn't currently the case in the music industry. The company reportedly already has deals with the NBA, ESPN, TikTok, and Twitch. In a statement, Apple SVP of Internet Software and Services Eddy Cue stated:
Steve Stoute and UnitedMasters provide creators with more opportunities to advance their careers and bring their music to the world. The contributions of independent artists play a significant role in driving the continued growth and success of the music industry, and UnitedMasters, like Apple, is committed to empowering creators."
You can read the full report here.