SourceAudio Raises $1.2M To Become D.I.Y. “iTunes Of Global Music Licensing”
SourceAudio has raised a round of $1,2 million to expand it's platform that connects buyers and sellers of licensed music. SourceAudio enables musicians, publishers and other rights holders to create a site to make their music available to advertisers, filmmakers and others who license music. The company says it currently hosts 600 catalogs with 5 million tracks from 3,400 music labels.
The seed round was led by Emerson Investment Group. Founded in 2007, SourceAudio charges based on the tracks hosted, starting at $29 each month.
In addition to handling the transaction, SourceAudio's potential lies in it's "unified platform" that encourages potential licensors to browse the tracks of other SourceAudio users. Here's an introductory video: