We were first with the news of US music-streaming service Cür Music’s launch yesterday. Now we can report on the licensing agreements that made the launch possible.
In the last week, parent company Cür Media has published two financial filings with the US Securities and Exchange Commission (SEC) revealing new licensing deals with Universal Music, Sony Music and Warner Music.
From the public information, the deals are fairly standard: all US-only, with the Sony and WMG deals including the usual advances and minimum guarantees, as well as issuing both labels with warrants to purchase shares in Cür Media’s common stock. Those details have been left out of the UMG filing.
The documents also reveal that Cür Media CEO Thomas Brophy has bought 12% of unsecured convertible promissory notes in the company for $361k, with the money to be used for “working capital and general corporate purposes”.
Cür Media’s first advances to Sony and WMG are due on 31 January. The company will need further funding: its latest financial document reveals that in the first nine months of 2015 it spent $5.5m on R&D and $1.4m on other general and administrative costs.
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