music
Europe Partnerships Paytech

Music To Sonomo’s Ears Following Partnership With Weavr

Embedded-finance firm Weavr has teamed up with Amsterdam-based music investment platform Sonomo to help unlock retail capital for the music industry.

Sonomo represents a financial exchange for music rights, connecting labels and artists with investors. Following a partnership with Weavr, the firm hopes to help democratise a new asset class for investors across Europe and the UK.

A song’s share price on Sonomo typically follows its streaming trend-line. This benefits artists and songwriters by enabling them to collect cash up front by selling a share of future revenues. By selling a portion of their song to investors, artists are also incentivising their audience to promote their music.

Faris Zaher, founder and CEO of Sonomo, says that music has outperformed other asset classes over the past decade. Goldman Sachs predicts a booming decade for the music industry, with total music revenue to double to about $131billion by 2030.

“Our partnership with Weavr allows us to make music investing a reality for everyone and level the playing field for creators,” said Zahar.

Embedded wallet

London-based company Weavr powers the embedded digital wallet used in Sonomo’s application through its Plug-and-Play Finance solution. This enables Sonomo to facilitate the exchange of funds between traders within its platform and also makes it possible for real-time distributions of artist and investor royalty dividends to happen in a secure manner.

Alex Mifsud, co-founder and CEO at the embedded finance firm, says the company is pleased to partner with Sonomo to bring “much needed value to musicians as they navigate the digitisation of the music industry”.

He says: “Weavr exists to bring the value multiplier effect of financial services into every digital sector. The entertainment industry is complex and fragmented when it comes to the movement of funds, distribution of royalties and opportunities to invest.

“It’s also an industry for which digitisation has been bittersweet at best; as musical events moved online, downloads became streams, and ownership for artists became infinitely more difficult.

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