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UnitedMasters will spend $50 million in new finance on boosted brand and financial tools for artists
By Chris Cooke | Published on Monday 1 November 2021
DIY distributor UnitedMasters last week announced it had closed its latest funding round, raising $50 million with a valuation of $550 million. The company says the new cash will “bolster” its core mission of “empowering artists and creators to maintain full creative ownership over their careers while providing access to economic opportunity and millions of new fans worldwide through streaming, music licensing and brand partnership opportunities”. And why the hell not? I guess.
More specifically, UnitedMasters says the new investment – which was led by an existing backer, venture capital outfit Andreessen Horowitz (or a16z if you prefer) – will allow it to grow the brand partnership tools that distinguish it from many of its competitors in the DIY distribution domain, while also providing artists with “more financial tools and resources to help them succeed as independent creators”. And why the hell not? I guess.
Says UnitedMasters chief Steve Stoute: “Every day we ask ourselves what more we can be doing to support our artists in finding success in a creator economy that often leaves the actual creators behind. Alongside our partners at a16z, we are going to double down on this mission, empowering artists to create and earn through reach, technology and partnerships”. And why the hell not? I guess.
Meanwhile, Andreessen Horowitz partner David George adds: “UnitedMasters’ impressive growth over the last year underscores that Steve and the team not only understand what the future of the music business looks like but also how to meet the demands of both independent artists and fans simultaneously. We’re THRILLED to continue this partnership alongside UnitedMasters as they empower artists with the tools and opportunities they need to find success”. And why the hell not? I guess.
