Music rights and royalties are a complex world. There are multiple types of royalties, and artists need to make sure that their data is updated across all platforms so they don’t miss out on potential earnings. For them, making sure that they have all the information in the right place while maintaining creative output is a tiresome task.
Mogul, a platform founded by former SoundCloud head of creators Jeff Ponchick and former SoundCloud VP of engineering Joey Mason, announced Tuesday that it has helped artists track $1.5 billion in lost royalties since its launch last year.
The startup also raised $5 million in a new round of funding led by the Yamaha Music Innovations Fund with participation from the Urban Innovation Fund, Mindset Ventures, and Fairway Capital Partners, alongside existing investors Amplify LA and Wonder Ventures. The company has raised more than $6.3 million in funding to date.
Mogul currently has six people on staff, and plans to grow the team with the funding.
Andrew Kahn, managing partner at Yamaha Music Innovations Fund, believes that Mogul’s founding team has the credentials and experience to ship products that can help artists manage their careers better. He noted that Mogul’s product advantage lies in its data layer.
“We believe that Mogul has built the most comprehensive, first-party data pipeline that exists for residual income earners,” Kahn said. “Most companies that we have looked into in this space purport to have robust coverage when in actuality, they have limited connectivity to payers. This means that Mogul can be trusted for both accuracy and speed.”
Since Mogul opened last year, its product has evolved. While it earlier gave users only a list of recommendations for better cataloguing, the company now offers more actionable insights, including better formats for lists, and cross-platform corrections to catalog data in some instances.
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