Duetti, Lior Tibon and Chris Nolte’s music fintech platform, received $32 million from Roc Nation, Untitled, Presight Capital, Viola Ventures, and Viola Credit. The website helps musicians and businesses seek funding.
Lior Tibon and Chris Nolte, former executives of TIDAL and Apple Music, have introduced Duetti, a brand-new music finance platform. The fintech platform has received $32 million in funding from Roc Nation, Untitled, Presight Capital, Viola Ventures, and Viola Credit.
The goal of the music funding platform Duetti is to provide musicians at all career phases with the chance to sell master collections, individual tracks, or even portions of them, a chance that was previously only available to a select group of A-list performers. In its first year of business, Duetti has already partnered on deals with over 100 tracks from over 60 indie artists, including CVBZ, Sylvan LaCue, and Croosh.
To date, Duetti has assisted in the acquisition of music rights, enabling these artists to gain up to $400,000 per agreement for their single-track and catalog masters.
By extending the workforce, collaborating with new artists, and adopting new financial optimization potential for acquired tracks and catalogues, Duetti stated plans to build the business to meet the increased demand with the $32 million in capital.
A win-win situation for both investors and performers
The need for such a platform was outlined by Lior Tibon, CEO of Duetti: “In recent years, the tendency of legacy A-list musicians selling their whole catalogs has excluded indie artists from the picture. Artists at all career phases may now quickly realize the potential of their tracks and back catalogs to advance to the next stage of their journey.
“We are supplying artists with the knowledge they require to decide when and how to leverage their assets from a position of strength,” says the statement.
Duetti wants to provide up chances for over 70,000 independent musicians to sell music catalogs. These artists have access to a higher degree of monetary stability and long-term professional sustainability, allowing them to concentrate on their artistic endeavors. Whether they want to buy a home, pay for a tour, or record their next project, artists may easily access a significant financial reward that they can control.
Avi Zeevi, co-founder of Viola Ventures and a fintech investor, also expressed excitement about what the launch might mean for the music business: “We are incredibly excited by the potential of their business model and the new, independent investment class it unlocks. Duetti’s cutting-edge technology enables efficient analysis of an artist’s potential for successfully monetising a catalogue or track.
Independent artists’ revenue growth is surpassing that of the total industry, and their highly scalable business models provide income that is unrelated to general market and economic situations. investors and musicians benefit equally.
The platform is presently seeking artists with tunes that have been on streaming services for at least two years and have received 500,000 listens in the past 12 months to explore the options it offers. On average, Duetti’s partnerships take about 30 days to finalize.