A critical new participant within the world music rights acquisitions house is making itself identified.
Seoul-based Past Music, an organization calling itself “the Korean model of Hipgnosis“, has been splashing money within the music rights market in Asia, and says that it now needs “to overcome the worldwide music IP market”.
Past Music claims to be Asia’s largest single music IP asset administration firm, with present working belongings of roughly 300 billion South Korea Received (USD $200m).
The agency says it expects to have 1 trillion South Korea Received ($800m) price of belongings below administration by the tip of this yr.
Past Music was arrange in early 2021 by hit-songwriter Park Geun-tae plus Jang-won Lee (CEO), who based “Mafia Firm,” which is claimed to be Asia’s largest digital music rating platform.
In response to Past Music’s web site, in April 2021, the corporate accomplished a financing spherical price 65 billion South Korea Received ($51m) from Korean institutional traders together with KB Securities, Base Funding, Maven Progress Companions
In December 2021, Past Music raised one other 200 billion South Korea Received ($160m) of funding from Praxis Capital.
The corporate has additionally been busy on the acquisitions entrance.
In Could final yr, Past Music acquired Korea-based KNC Music, in what it claims was “the most important single music IP portfolio acquisition within the historical past [of the domestic Korean music market]”, for 46.6 billion South Korea Received ($36.8m).
In March this yr, Past Music acquired FNC Funding – a subsidiary of Korea-based FNC Leisure – which it says is “the second largest music IP administration firm” in South Korea, for 47 billion South Korea Received (approx $37m).
Through its deal to purchase FNC Funding, Past Music says that it has acquired the “neighboring rights copyrights” – presumably the neighboring rights income stream – for over 400 tracks, together with hit official soundtracks for South Korean TV reveals Lodge Del Luna and Moon Lovers: Scarlet Coronary heart.
The deal contains all of FNC Leisure’s widespread shares in FNC Funding and the entire convertible bonds invested in FNC by Dreamus Firm, a consolidated subsidiary of SK Sq., an funding enterprise arm of South Korean conglomerate SK Group.
Past Music has additionally entered right into a strategic partnership with Dreamus, which owns South Korean music streaming service FLO, with plans “to cooperate on music IP enterprise on a worldwide scale”.
FLO was Launched in 2018 in cooperation with companions like Massive Hit Leisure, JYP Leisure, and SM Leisure.
Past Music’s newest acquisition was confirmed this week, shopping for what it says is the “complete quantity of music neighboring copyrights” owned by South Korean file label and administration agency Interpark Music.
The corporate says that the deal contains 878 songs price over 50 billion South Korea Received ($39m) owned by Interpark, wherein South Koean tech agency Yanolja is the most important shareholder.
Past Music says that it has “amassed” over 25,000 home and overseas music copyrights since launching final yr.
In a press launch issued this week, Sean Rhee, a companion of Past Music, claims that the agency “will proceed to push for varied mergers and acquisitions to create enterprise alternatives in contrast to another home and overseas firms”.
“We are going to proceed to push for varied mergers and acquisitions to create enterprise alternatives in contrast to another home and overseas firms.”
Sean Rhee, Past Music
Sean Rhee, a companion of Past Music, mentioned: “From Could 2021, we now have been capable of safe not solely KNC Music (Past Music’s former identify), FNC Funding, and Interpark Music Division’s well-liked songs within the 80s to 90s, but in addition OSTs, and 2010s’ hit music.
“This enabled us to realize an higher hand within the music and leisure markets with excessive profitability. We are going to proceed to push for varied mergers and acquisitions to create enterprise alternatives in contrast to another home and overseas firms.”
“We are going to concentrate on acquiring extra high-quality music IPs on a worldwide scale.”
Jang-won Lee, Past Music
Talking in March, and commenting on Past Music’s FNC acquisition and Dreamus partnership, Jang-won Lee, mentioned: “We are going to develop Past Music’s IP portfolio by including a brand new listing of music IPs together with well-known television sequence’ OSTs with excessive calls for.
“Subsequent to the acquisition of recent IPs and the partnership with Dreamus Firm, we are going to concentrate on acquiring extra high-quality music IPs on a worldwide scale and turn out to be the ASIA’s largest IP administration firm past the market chief in S. Korea.”Music Enterprise Worldwide