The business to business music streaming service, Soundtrack Your Brand, has renewed its global licensing agreement with Warner Music as it introduces a new on-demand service Soundtrack Unlimited, to enable business users to have more control over the music they play to their customers.
Soundtrack supplies licensed streamed music for businesses to play to attract and retain customers. The platform curates soundtracks by genre, sound and business type to help venues play music with a vibe consistent to the business they are delivering. The new on-demand service will enable businesses to pick and choose individual songs within those soundtracks.
The B2B music streaming market is still very much in its infancy and many businesses are still using employee’s personal streaming accounts to play music. Doing so is in breach of the terms and conditions set by those B2C streaming services, as well as the licenses that such platforms hold from music rights holders.
Research from Nielsen, commissioned in 2019 by Soundtrack, estimated that rights holders were losing some $2.65 billion worldwide because businesses are not using properly licensed services. Soundtrack Your Brand has highlighted that the opportunity to grow this market ‘is significant, with some 70 million commercial subscribers worldwide.’
Warner Music first licensed Soundtrack two years ago and in that time it has rolled its service into 74 markets. The service enables artists to reach over five billion customers worldwide as they visit venues including Lululemon, McDonald’s and W Hotels.
Soundtrack Your Brand’s new Soundtrack Unlimited on-demand service enables businesses to jump, skip and replay tracks, as well as create their own playlists and import others from Spotify. These features were only previously available on B2C services.
Ola Sars, founder and CEO, Soundtrack Your Brand, said: “Soundtrack is committed to increasing value in music streaming overall by fixing the broken and outdated background music market. Together with Warner Music we’re at the forefront of this change, driving innovation together in order to unlock value for music creators.
“We’re increasing pricing by five to 10 times and therefore significantly increasing royalties paid out to labels and artists, all this enabled by a superior product offering throughout 74 markets. Now the whole industry needs to join forces and make sure that compliance is ensured across the B2B music market, as it’s our collective responsibility to help those trying to make a living from their art.”
John Rees, SVP global business development, WMG added: “Soundtrack Your Brand has created a first-class streaming service that’s tailored to deliver music and data insights to businesses across the world. Warner continues to support them during this exciting new chapter, so that we can work to ensure that fair value from the commercial sector is being returned to artists and creators.
“With the launch of the new on-demand product, businesses around the globe can now access Warner’s incredible catalogue in new ways.”