Music business

Lyrics platform Musixmatch secures strategic investment from TPG Growth

Music lyrics provider Musixmatch has secured a strategic investment from TPG Growth, described as asset management company TPG’s “middle market and growth capital platform”.

Founded in San Francisco in 1992, GPT has $120 billion in assets under management and invests in what it calls “five multi-product platforms,” including Capital, Growth, Impact, Real Estate and Market Solutions.

Founded in 2010, Musixmatch claims to have collected the largest catalog of lyrics in the world.

With lyric content for millions of songs in over 80 languages, Musixmatch supplies its metadata to DSPs including Amazon Music, Apple Music, Google, Instagram, Spotify and Tidal.

The company is also backed by venture capital firms Micheli Associati, P101 Venture and United Ventures.

TPG notes that it has “significant experience” investing in music and streaming.

The company’s broader music and media investment portfolio includes meditation app Calm, Creative Artists Agency (CAA), DirecTV, Entertainment Partners, Fandom and Spotify.

In 2019, meanwhile, Kupanda Holdings, a joint venture between TPG Growth and pan-African investment firm Kupanda Capital, made a multi-million dollar investment in Mavin Records in Nigeria.

Musixmatch says its content is generated and “continuously updated” by more than 20 million curators, in addition to what it calls “sophisticated” AI and machine learning technology, and a network of over one million verified artists and a team of in-house trained QA specialists.

The company also has relationships with over 100,000 music publishers worldwide, including BMG, Kobalt, Sony Music Publishing, Universal Music Publishing and Warner Chappell.

Musixmatch expanded to music distribution in June 2021 with a service called Musixmatch Pro.

“We are delighted to welcome TPG as a partner and look forward to what we can bring to our artists and their fans.”

Max Ciociola, Musixmatch

Musixmatch Founder and CEO Max Ciociola said, “Over the past decade, our team has built Musixmatch from the ground up with a vision to better represent songwriters and artists, allowing their lyrics to reach a global community of music lovers.

“The TPG team brings more than just a deep background in investing in world-class music and streaming companies – they also share our philosophy and the entrepreneurial spirit that has been a hallmark of our success to date and will continue to drive our next phase of growth.

“We are delighted to welcome TPG as a partner and look forward to what we can bring to our artists and their fans.”

“We have long admired the impressive platform that Max and his team have built.”

Jacqui Hawwa, TPG Growth

Jacqui Hawwa, Business Unit Partner at TPG Growth, added: “Digital music streaming has become the default form of music consumption and continues to experience robust growth.

“We have long admired the impressive platform Max and his team have built and believe that Musixmatch’s unrivaled metadata catalog, proprietary lyrics search engine and extensive relationships with streaming platforms and owners of IP will continue to position the company for success in this large and growing market.”The music industry around the world