Soundtrack Your Brand wants you to have better music for you business. The Spotify backed business closed a $22 million funding from Nordic venture capital fund Industrifonden, alongside U.K.’s Balderton Capital.
Founded in Stockholm back in 2013, Soundtrack Your Brand is described as the Spotify for B2B, bringing music streaming for businesses. The company sees the market for background music often overlooked and left behind, creating a dysfunctional, outdated, fragmented and underserved industry.
While businesses are still playing music using CDs, USB-sticks and satellite feeds, the music industry also suffers, as they rarely report what they pay to rights-holders, robbing artists from fair and accurate compensation.
“Background music today is sold as a utility, and there’s rarely much thought going into what music brands are playing and why,” said Andreas Liffgarden, Soundtrack Your Brand’s executive chairman and co-founder. “Today’s background music sucks for brands and consumers alike, and it’s hurting the music industry at large. As lovers of music and technology, we’re completely overhauling this industry, to once and for all kill bad background music.”
Ola Sars, former COO and co-founder of Beats Music, co-founded Soundtrack Your Brand with Andreas Liffgarden, former global head of business development at Spotify. The company provides the background music industry’s first modern music streaming platform.
By 2016, Soundtrack Your Brand has expanded to over 100 countries globally, with revenue and user base growing nearly 400%. Currently they hold customers including McDonald’s, TAG Heuer and Toni & Guy, in addition to thousands of small and medium-sized businesses.
Unlike consumer streaming services, Soundtrack Your Brand is licensed to use in public and commercial environments . They also rely on data analysis with hands-on expertise, to deliver content that fits individual brands, boosts sales and makes staff happier.
“While our competitors are focused on shipping CDs by mail to large chains in U.S. and Europe, we are growing the size of this market by digital means,” said Ola Sars, Soundtrack Your Brand’s CEO and co-founder. “We distribute our platform more efficiently and are continually improving the product experience. By selling online we reach the entire market, all the way down to mom-and pop’s that nobody sold to before. And we do it on a global scale.
