Utopia Music’s appetite for acquiring music industry companies shows now signs of being sated. Yesterday, it snapped up British firm Sentric Music Group, which it plans to use as the core of its new royalty management services division, with Sentric CEO leading the unit.
Utopia Music is also creating an ‘engineering tech-hub’ in Sentric’s home city of Liverpool.
There’s a real roll-up going on here: Utopia’s acquisitions include mood-tagging music startup Musimap in September 2021; royalty-advancing platform Lyric Financial in October; industry database Rostr and analytics service ForTunes in December; physical music distributor Proper Music Group in January 2022; and now Sentric.
The blueprint is to create new divisions and product lines with these acquisitions: a creator services unit with Rostr and ForTunes; a distribution services unit with Proper; and now royalty management services.
Many people have been asking ‘what IS Utopia Music’ in recent months, to which the flippant answer is ‘anything it can buy’. But the sheer scale of the company’s acquisitions and its hiring – a steady flow of executive appointments as well as the talent brought in through the roll-up – continues to make fascinating viewing.
There’s a parallel with football club Newcastle FC here: a lot of money and grand ambitions, but also in the short term the challenge of knitting together a set of rapidly-acquired parts into a well-functioning whole.