Songtradr has lifted its shareholding in Jaxsta, and, by doing so, given a vote of confidence to the official music credits database and its leadership.
Just days after Jaxsta announced a round of promotions and the completion of its new look C-Suite, a statement to the Australian Stock Exchange which sees Songtradr lift its holding of Jaxsta’s ordinary shares to 14.04% — making it No. 1 among all shareholders.
Songtradr, reads the statement issued Friday (Sept. 15) to the ASX, completes a previously-announced conversion of its Tranche #1 convertible note into ordinary share – “a reflection of Songtradr’s ongoing confidence in Jaxsta’s future,” says the B2B music platform’s CEO Paul Wiltshire.
“Jaxsta has undertaken a significant transformation over the last 12 months with the refinement of the Jaxsta product offering, the launch of Vinyl, the acquisition of Vampr, and the disciplined management of reducing costs,” comments Wiltshire.
Songtradr “intends to be a long term shareholder and we look forward to continuing to build on both our working relationship and our shareholding in the future,” he continues.
Currently, Jaxsta contains more than 355 million official, deep-linked music credits across 110 million pages, sourced from over 366 data partners, including record labels, publishers and industry associations.
The Sydney-based company is the only ASX-listed music business.
“The ongoing relationship with Songtradr has been instrumental in the many changes enacted in the last 15 months and is one that is highly beneficial to the company and shareholders going forward,” adds Jaxsta CEO Josh Simons.
“This conversion solidifies the ongoing work and the trust on the future of Jaxsta.”
Wiltshire knows his stuff.
Since Songtradr’s 2014 launch in Santa Monica, Wiltshire has raised more than A$150 million, which places him in the elite class of Australians operating in the music industry.
The California-based global B2B music licensing and digital rights management ecosystem is valued at about US$430 million, he told AIM’s iHUB earlier in the year.
At the same session, he made his enthusiasm clear for Vinyl.com. “I’m a big believer that Vinyl.com is super cool. And it’s going to be transformational,” he explained.
Songtradr’s nod of approval for Jaxsta follows the promotion earlier in the week of Alli Galloway (to chief marketing officer) and Jessy Trengove (chief product officer), joining Simons and CFO Jorge Nigalioni in the company’s new-look C-Suite.