Lickd Raises $ 7 Million From Investors Including Warner Music Group
The recent influx of multi-million dollar funding rounds into the music industry shows little sign of slowing down, as YouTube-focused music licensing platform Lickd has raised Â£ 5.1million (nearly ($ 7 million at current exchange rate) from funders, including Warner Music Group. .
London-based Lickd, which allows visual media creators to license popular tracks for use in select videos on YouTube as well as Facebook, Instagram, Twitter, Snapchat, Twitch, Vimeo and LinkedIn, unveiled the ‘substantial increase via an official statement that was emailed to DMN. The namesake company of longtime Pink Floyd drummer Nick Mason led the Â£ 5.1million / $ 6.99million round, which also received backing from Warner Music Group and Fortnite developer Epic Games.
And in addition to covering a portion of the roughly $ 7 million installment, Warner Music Group will “make its full catalog of millions of songs available to content creators” on Lickd, while social video professionals can already license tracks from David Guetta, Megan Thee Stallion, and other WMG signed acts.
More broadly, in addition to allowing “Lickd to amplify its library of commercial songs”, today’s increase will allow “the five-year-old company to continue to develop its technological offer, its international presence and its customers, “said superiors. On that front, the past 18 months have seen Lickd grow “at an incredibly fast pace,” executives have also said, including signing deals with WMG and the new audience Universal Music Group.
Based on the latter, however, Lickd’s website specifies that a “virality clause,” relating to music owners’ participation in videos containing their IP that have gone viral, “only applies to a sole holder of rights â.
âThat rights holder is Universal Music Group (UMG),â continues the relevant part of Lickd’s FAQ page. âThis clause means that UMG has the option of asking you to renew the license of the song within a period of 30 days if your video exceeds 3 times your average audience. They will not take your adsense income, but may require you to pay additional fees.
Elaborating on the terms of the virality clause, Lickd said, âIf your video goes viral (over 2.3 million total video views) within the first 30 days of posting your content, your video may be retrieved. by the rights holder. Additionally, although “the majority” of Lickd’s licenses “are granted in perpetuity”, Universal Music “reserves the right to potentially choose to reapply after 5 years.”
As initially mentioned, the past seven days brought with it a $ 6 million raise for AI-driven record label Snafu Records, a $ 12.2 million round for music sampling startup Tracklib, a $ 250 million raise for WMG-backed Dapper Labs, a $ 5 million capital inflow for the music streaming platform Audius and a $ 122 million Series C for the ticketing and discovery platform musical DICE.