The Music Fund is one of a cluster of startups promising to pay artists advances based on predicted streaming royalties, while leaving them full ownership of their rights. Now another company has full ownership of The Music Fund though: it has been acquired by another music-focused fintech company called Hifi for an undisclosed amount.
That means a payoff for investors including Warner Music Group and Techstars Music, whose accelerator The Music Fund was part of in 2019.
Hifi is backed by investors including Music, the fund created by publishing industry veteran Matt Pincus, and launched in 2020 with a royalties dashboard for artists and managers. It already has its own system for paying artists based on their predicted royalties: a twice-a-month payout designed to feel like a proper salary.
Hifi said that buying The Music Fund will “accelerate a new generation of financial products”, with the company’s founders taking up senior positions at Hifi as part of the deal.