This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Deals Labels & Publishers Top Stories
Utopia buys Sentric
By Chris Cooke | Published on Friday 4 February 2022
The ever acquisitive Utopia has bought yet another company in its bid to become the uber-service provider to the music industry. It might soon be easier to report on the music companies Utopia hasn’t acquired. This time it’s Sentric Music that has been bought. It will now become Utopia’s royalty management services division.
When it first appeared on the scene Utopia mainly talked about its ambition to help get artists and songwriters paid whenever their music is played, seemingly focused mainly on addressing the various issues around music rights data and royalty processing.
However, through its subsequent acquisitions, Utopia has pushed into various other strands of the music business, including financing, metadata, marketing data and physical music distribution (those being its respective purchases of Lyric Financial, Musimap, ForTunes and Proper Music).
Bringing Sentric into the fold is more in line with that original mission statement though; it having built an impressive global network over the years to help songwriters and publishers navigate all the complexities and bullshit around song rights and collective licensing.
Through the deal, Sentric founder Chris Meehan becomes Utopia’s VP of Royalty Management Services. Utopia has also committed to set up an engineering tech-hub in Sentric’s home city of Liverpool, with plans to “embark on a hiring spree over the course of 2022 to recruit top talent”.
“Royalty management services is set to be a cornerstone of the Utopia business model”, says Utopia COO Roberto Neri. “Our main goal is to bring ‘fair pay for every play’ by partnering with all industry stakeholders and unlocking the true value of music for the whole value chain”.
“I am very excited to welcome the very well-respected Sentric team”, he adds. “Led by Chris, this business unit will be foundational to adding additional value to our already comprehensive and global consumption database, delivering further transparency and faster royalty payouts to songwriters, publishers and collection societies for compositions, and performers and labels for neighbouring rights”.
“Importantly”, he goes on, “this new unit will generate employment in Liverpool, something we are passionate about as Utopia continues to grow and recruit the best talent from around the world”.
Confirming the deal from his side, Meehan says: “Sentric and Utopia have the same long-term vision for the music industry. Both companies have the same passion for unlocking the true value of music, and helping creators reach their full potential. By joining Utopia in the global roll out of our services we are sure to reach our goal faster as a unified front, providing more value to both new and existing clients”.
