Music rights funding firm MusicBird has signed what it calls a “main financing deal” with Mitsubishi UFJ Monetary Group (MUFG), to bolster its money reserves for music rights offers.

The Switzerland-based firm entered the rights acquisition area in 2021. The cope with MUFG is a time period mortgage facility that offers the corporate entry as much as $100 million.

The mortgage from MUFG is a significant step for MusicBird as it really works on scaling its music rights portfolio within the coming months, the corporate says.

MusicBird’s portfolio contains the publishing rights of songwriter J.R. Rotem (together with rights to songs by Rihanna, Jason Derulo, Fall Out Boy, Iyaz and Sean Kingston) and a variety of hits by Grammy Award-winning artist Shaggy (together with songs similar to It Wasn’t Me, Angel and Boombastic).

MusicBird says it goals to construct a portfolio of chosen “evergreen” songs from totally different genres and geographies.

MusicBird is led by just lately appointed CEO, Paul Brown, who beforehand served as HTC’s Vice President of International Content material and Platforms and Common Supervisor for Europe.

Brown additionally held senior VP roles at The Walt Disney Co. and Spotify, and was Managing Director, Worldwide, at Pandora.

From 2001 to 2006, Brown was VP for Enterprise Affairs and Enterprise Improvement, Futures Division, at Sony Music.

“We’re delighted to be working carefully with the MUFG staff as we develop our enterprise and proceed to pursue our technique of buying numerous music rights in collaboration with extremely gifted songwriters, artists and companions throughout the business.”

Paul Brown, MusicBird

Talking concerning the time period mortgage facility from MUFG, Brown mentioned: “We’re delighted to be working carefully with the MUFG staff as we develop our enterprise and proceed to pursue our technique of buying numerous music rights in collaboration with extremely gifted songwriters, artists and companions throughout the business.”

“Our staff is keen about constructing a group of iconic songs which have stood the check of time and proceed to thrill followers.” 

One other music business veteran managing MusicBird is Roger Howl, the corporate’s Chief Monetary Officer. He joined the corporate from Hipgnosis Songs Fund, the place he was SVP for Finance. Howl served 19 years at Sony Music Leisure, the place he rose to the ranks from being a monetary analyst to VP for Enterprise Planning.

“MUFG is thrilled to steer the senior debt facility for MusicBird, which is able to permit the corporate to increase its catalog acquisition initiative of valued music rights. Paul and Roger convey trusted expertise within the music area to the corporate and MUFG is assured of their means to develop MusicBird’s IP library,” mentioned Tony Beaudoin, Managing Director of Leisure Finance at MUFG.

“MUFG is thrilled to steer the senior debt facility for MusicBird, which is able to permit the corporate to increase its catalog acquisition initiative of valued music rights.”

Tony Beaudoin, Mitsubishi UFJ Monetary Group

Tokyo-based MUFG has a worldwide community with about 2,100 places in over 50 international locations. The group presents industrial banking, belief banking, securities, bank cards, shopper finance, asset administration, and leasing companies.

The mortgage dedication marks the most recent financing within the music rights funding area.

Final week, Los Angeles-based funding firm Shamrock Capital, the corporate that purchased Taylor Swift’s masters, raised greater than $600 million in commitments for its third fairness fund for content material technique.

Earlier this week, MBW reported concerning the new Scott Cohen-led platform referred to as JKBX (Jukebox) that plans to supply “followers, retail traders and music lovers” the chance to spend money on music royalties.

Music Enterprise Worldwide