Swiss startup Utopia Music has made its latest acquisition: music-focused financial services company Lyric Financial. That’s the company that provides artists with royalty advances, although the strategy behind the deal isn’t just about functionality.
Utopia said that the acquisition will fuel its expansion into the US, on the heels of its rapid expansion to more than 170 staff.
“Yet another milestone on our journey of becoming the leading financial services provider and growth partner in music,” as founder Mattias Hjelmstedt put it.
Based in Nashville, Lyric Financial has paid out more than $100m of advances to musicians since its launch in 2007. The deal follows Utopia’s acquisition of music analysis startup Musimap in September 2021.