Audible Magic Acquires SOCAN’s MediaNet
Canadian PRO SOCAN has sold its global content fulfillment and rights administration service MediaNet to Audible Magic.
SOCAN acquired Seattle-based MediaNet in 2016.
Audible Magic provides identification and compliance to social networks hosting user-generated content. MediaNet offers white label digital music solutions for Internet radio, subscription music services, on-demand streaming, and support for fitness and gaming applications. With the acquisition, Audible Magic can provide a comprehensive range of services to manage the use of music.
“Rightsholders and platforms will both benefit from our combined solution and will reduce the time and complexity of managing and paying for the use of music,” said Vance Ikezoye, Audible Magic chief executive officer. “We see significant upside in enabling incremental revenues for the music ecosystem.”
SOCAN will now also use Audible Magic technology and services to help SOCAN improve operational accuracy and reporting to publishers and songwriters.
“The acquisition of the MediaNet services by Audible Magic creates long-term benefits for SOCAN’s members and clients,” said Jennifer Brown, Interim CEO of SOCAN. “Audible Magic is a knowledgeable and skilled company and we’re looking forward to working together to improve the accuracy of reporting to publishers and songwriters.”