Press release -
NEXT GENERATION RECORD LABEL, AMUSE, RAISES $15.5M IN SERIES A FUNDING CO-LED BY LAKESTAR AND RAINE VENTURES TO REINVENT HOW ARTISTS ARE DISCOVERED AND SIGNED
STOCKHOLM – May 22, 2018 – Amuse, the next generation record label, today announced that it has closed a $15.5M Series A financing round co-led by Lakestar and Raine Ventures. The capital will be used to expand operations globally.
Amuse is creating a completely new way for musicians to distribute their music globally and for artists to be discovered:
- Amuse provides a free music distribution service, which creates a pipeline for new talent to deliver their music to major music services like Apple Music, Spotify and Deezer, among others. One hundred percent of the royalties go to the artist. With Amuse, artists can track their progress daily and see how people listen and download.
- Amuse then uses data to analyze music consumption and listening habits to identify promising rising talent.
- Amuse has also reimagined the label deal—when the company identifies new talent, it signs artists through licensing deals rather than traditional contracts, which means the artists have access to large-scale promotion while still owning their work.
- Amuse is a true partner for artists— the company has already seen one of their signed musicians, Adel, achieve a platinum and gold-selling single in less than a year.
Amuse was founded in Stockholm in 2015 by a team of music industry experts including Diego Farias, Christian Wilsson, Jimmy Brodd, Andreas Ahlenius and Guy Parry. The company’s board of directors also includes Edgar Berger, former Chairman and CEO of Sony Music International, and Jörg Mohaupt, a former Warner Music Group board member. Gordon Rubenstein, Managing Partner, Raine Ventures, will join as a board observer.
“The way music is produced and consumed has dramatically changed, but traditional labels have not. Amuse is redefining the label deal and democratizing the discovery process, providing a sustainable solution to this problem,” said Diego Farias, co-founder and CEO, Amuse. “We couldn’t ask for better partners in Lakestar and Raine Ventures. They will be strong supporters in helping us to build on our success in Sweden and change the music industry for the better.”
"We are very excited by Amuse's vision to reinvent the traditional record label with technology and data, analogous to how our portfolio company Spotify reinvented music distribution,” said Dharmash Mistry, General Partner, Lakestar. “Diego and his team have reimagined every step of the A&R process from finding artists to inverting the commercial model to be artist-friendly to changing how individual songs are marketed. After their early success in Sweden, this investment will help roll out the model across Europe and the U.S."
“We are thrilled to partner with Amuse to build a unique and transformational platform for emerging artists,” said Rubenstein. “This next phase of growth will bring Amuse’s groundbreaking technology and label services to artists globally, and we look forward to supporting the team by leveraging our deep networks in the media and entertainment industries.”
Amuse provides free music distribution to all artists globally and the opportunity to be discovered to the mix. The Amuse app is available for free on both Android and iOS, enabling anyone to distribute and track their music and royalties on all major music streaming services globally. Amuse was founded in Stockholm in 2015 by music industry executives from Spotify, Universal Music and Warner Music who had a collective vision to reinvent traditional labels in response to the way music is produced and consumed today. For more information, visit: www.amuse.io.
Lakestar makes early and growth stage investments in disruptive, technology-enabled businesses predominantly in Europe and the United States driven by exceptional entrepreneurs. Lakestar and its general partners have historically invested in Facebook, Spotify, Skype, Airbnb, Klarna, and more recent Lakestar investments include Algomi, GoEuro, Revolut, FiveAI and Harry’s. Lakestar has teams on the ground in Berlin, London and Zurich, and manages EUR 500mio across its two funds.
About The Raine Group
The Raine Group is a global merchant bank focused exclusively on technology, media, and telecommunications. The firm has offices in New York, San Francisco, Los Angeles, London, Shanghai, and Mumbai. With a global reach, Raine focuses on investment and advisory opportunities where its deep industry experience and unique network of strategic relationships can create value for portfolio companies and clients. For more information, visit www.raine.com.
Julia Carlsson | PR Manager | Amuse
+46793487166 | email@example.com
Amuse provides free music distribution to independent artists around the world. After making sure the music is available to listeners and fans around the world Amuse use data to identify potential hit tracks and talented artists that can be helped to grow even faster.