The music licencing service announced the investment total and signed a deal with BMG on 11 February.
Lickd announced an angel investment of £1.7 million, which will be used to fund business expansion and software development. The service allows YouTubers around the world to use their favourite music without fear of copyright infringement. Along with the investment, Lickd announced its first major label and publishing partnership with BMG.
Bertelsmann Music Group, or BMG, has a portfolio that includes artists such as The Rolling Stones, David Bowie, Alt-J, Mayday Parade and The 1975. The deal will expand the music available on Lickd with over 2.5 million BMG-represented songs, which will be pre-cleared for use.
CEO Paul Sampson commented on the deal: “For the last two years we have been working behind the scenes to create a platform which meets the needs of online content creators when it comes to licencing music without it impacting their revenues. The fact that both BMG and our investors, which include both prominent and respected media and entertainment figures, have recognised that artists and rights holders alike can also benefit from this new economy of video creators is testament to the growth opportunity in this space.”
Nick Mason, drummer of Pink Floyd and investor in Lickd, also commented: “Lickd has identified a very real problem in music licencing and has created an opportunity which both enables online video creators to legally use great music while simultaneously creating a new, fair and legitimate revenue stream for artists and writers. It is a big step forward for the industry and clearly demonstrates how innovation can positively impact both content creators and rights holders.”
Have a look at our previous post talking all about Lickd and how it can benefit creators.