Jamendo announces the purchase by MusicMatic of the whole stake that Mangrove Capital was holding in the company and a forthcoming funding round. The round will be carried out by MusicMatic and the founders.
This operation aims at making Jamendo – the biggest community of music under Creative Commons License in the world– perpetual. This way, Jamendo will expand its commercial network in France, Benelux, Spain and Germany and will offer, for the late second semester, an improved and innovative product offering.
Currently, Jamendo represents about 18,000 artists and over 30,000 albums, available for free to the general public. Its catalogue is put forward to professionals who can purchase a global license at a fairer price than usual, Jamendo taking charge of paying back a part of the rights directly to the artists.
Jamendo is the state-of-the-art of the new business models of music, which bring the artist and its fans closer together.
Alexandre Saboundjian, CEO of MusicMatic, becomes the new CEO of Jamendo and stands in for Laurent Kratz, who keeps his chairman position.
About Jamendo :
Jamendo is the first global platform for free and legal music downloads. Available in eight languages, the website offers the world's widest free music catalog: 30,000 albums by over 18,000 artists from around the world. Jamendo's innovative business model allows free-of-cost downloads for visitors and income for artists, based on the splitting of revenue from advertising and commercial uses. For artists, it is also a great promotional platform.
About MusicMatic :
MusicMatic is a company located in Belgium, France and Spain. Its main activity consists in managing the broadcasting networks of audio and video content, in retail outlets chains. Thanks to a technological expertise and an artistic creativity, MusicMatic works for more than 50 networks and broadcasts everyday audio and video content, in thousands of retail outlets, all over the world.