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Splice closes $55m Series D funding round led by Goldman Sachs – Music Business Worldwide

Music creation market Splice, which claims for use by over 4 million folks, has closed a $55 million round of Series D funding, led by Goldman Sachs’ GS Growth.


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Splice has additionally added Adobe’s Kakul Srivastava to its board, in keeping with a weblog publish revealed right this moment (February 22).

The firm’s complete raised now stands at over $155m, together with a $57.5m Series C funding round in March 2019.

Bloomberg stories that Splice is now valued at almost $500m.

The Series D round noticed further funding come from MUSIC, a three way partnership between SONGS Music Publishing founder Matt Pincus and Liontree, an funding & service provider financial institution.

Pincus based SONGS  in 2004 and went on to signal the likes of Lorde, Diplo / Major Lazer and plenty of others, earlier than promoting the unbiased firm to Kobalt Capital Ltd (KCL) for circa $160m in December 2017.

In June 2018, MBW reported that Pincus was taking on roles as a Special Advisor at Snapchat and as an Executive in Residence at Liontree.

Goldman Sachs GS Growth and Pincus-led MUSIC be a part of USV, True Ventures, DFJ Growth, and Flybridge as traders in Splice.

Established in 2013 and led by co-founder and CEO Steve Martocci, Splice’s royalty free Splice Sounds loops and pattern packs are standard with bed room producers and producers for famous person artists alike.

Splice Sounds can be found for a $7.99-a-month subscription.

In October, MBW reported that the corporate paid out $11 million in royalties to musicians within the first 9 months of 2020.

The firm introduced right this moment that its consumer exercise surged by 50% final yr, with its royalty payouts to creators hitting a document $15 million in 2020 alone.

Examples of world hits that includes Splice samples embody Bad Bunny’s Dakiti” (through producer Tainy’s “Sound Supply Vol. 1” pack) and Shane Codd’s UK dance hit Get Out My Head (through Splice’s 91Vocals label).

Elsewhere, Splice employed broadly-revered music govt Maria Egan​ ​as its first Chief Music Officer​ final yr, from her earlier function as President and Head of Creative at Los Angeles-based pop writer PULSE Music Group.

In May final yr the corporate acquired​ ​tech agency Superpowered​, which powers the audio for 1000’s of apps that, it claims, have been put in billions of instances.

“With 4 million users, Splice is at the forefront of this transformation and is beloved by the creator community. We’re thrilled to be partnering with Steve Martocci and his team at Splice.”

Stephen Kerns, Goldman Sachs’ GS Growth

Stephen Kerns, a VP with Goldman Sachs’ GS Growth, stated: “The music creation process is going through a digital transformation. Artists are flocking to solutions that offer a user-friendly, collaborative, and affordable platform for music creation.

“With 4 million users, Splice is at the forefront of this transformation and is beloved by the creator community. We’re thrilled to be partnering with Steve Martocci and his team at Splice.”

“We’ve got a big year ahead of us and this investment will propel Splice’s vision.”

Steve Martocci, Splice 

Splice CEO, Steve Martocci added: “We’ve got a big year ahead of us and this investment will propel Splice’s vision to provide the essential content, tools, and inspiration that audio creatives are looking for; we look forward to working closely with our new partners.”

“There’s lots of talk these days about the explosion of developing artists coming out of nowhere in the 2.0 streaming area. The thing is, they are coming out of Splice.”

Matt Pincus

Matt Pincus added: “Splice is where tomorrow’s artist finds what they need to make their next track. It’s A&R at scale for creators – where artists, songwriters, producers, and film and TV composers reviewed 400 million samples and sounds just last month.

“From the kid in his bedroom to breaking artists like Fousheé and Shane Codd to superstars like Justin Bieber, Splice is where musicians get the sounds, tools, and network that allow them to make their best music.

“There’s lots of talk these days about the explosion of developing artists coming out of nowhere in the 2.0 streaming area. The thing is, they are coming out of Splice.”

“Access to tools, content, and community, all of which Splice provides, are the building blocks for creativity and driving the next generation of creators.”

Kakul Srivastava

Srivastava added: “I see a lot of similarities between Github and what’s happening at Splice. Splice is fast becoming the largest collaboration platform for people who make music, whether they are a Grammy award-winning musician or my daughter who wants to make a great Twitch stream for her followers.

“Access to tools, content, and community, all of which Splice provides, are the building blocks for creativity and driving the next generation of creators.”

 Music Business Worldwide

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