Headwaters MB advised MediaNet, Inc. (“MediaNet” or the “Company”), the leading digital music distribution platform company based in Seattle, Washington, on its sale to SOCAN. The acquisition and integration of MediaNet's technology will make SOCAN the leader in accurate matching of music data, one of the most significant challenges facing music rights organizations worldwide.
MediaNet is a powerful music and media content delivery technology that works with streaming services, download providers, media search, and other media discovery tools to provide an exhaustive catalog of music, while ensuring that artists are properly compensated for work. MediaNet will provide SOCAN with the information to license master rights (sound recordings), and augments matching performances for copies of music ("mechanicals") and performing rights on radio, digital, live, satellite, film and TV and other delivery of music to public audiences.
MediaNet will continue to operate under its current name, with all of its employees continuing at the organization's Seattle offices. MediaNet CEO Frank Johnson and the company's leadership team will remain in place.
"SOCAN is a leader in ushering the transition from physical to digital through a commitment to data and artist advocacy," said MediaNet CEO Frank Johnson. "We are thrilled to join the SOCAN family and realize our shared goal of pioneering high-scale technology solutions that ensure fair and accurate royalty administration."
Sun Jen Yung, Managing Director and Head of Digital Media and Internet Investment Banking at Headwaters MB, said “We are very pleased to have advised MediaNet on its acquisition by SOCAN. This combination reflects SOCAN’s forward thinking for a global rights management platform and its leadership in the fast moving digital music industry to take advantage of the tremendous opportunity to provide comprehensive rights management and payment infrastructure.”
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Launched in 2001 as one of the first legal digital music distribution platforms, MediaNet (www.mndigital.com) maintains the world's largest B2B rights-managed global catalog of more than 38-million tracks matched to over 3.6 million rights holders including composers, publishers, administrators, PROs, collection societies, performers, labels, distributors and more. MediaNet offers the only commercially available service and platform which hosts, manages, distributes, reports and administers the rights for a global catalog of sound recordings for powering digital music experiences, including streaming music apps, subscription services and download stores. Through its MN Open API, MediaNet provides seamless access and delivery of its multi-territory catalog and rights administration services, which support many popular digital music services around the world such as Beats Music, Songza, Target and Univision.
SOCAN (www.socan.ca) is a member-based organization that represents the Canadian performing rights of more than four-million Canadian and international music creators and publishers. SOCAN is proud to play a leading role in supporting the long-term success of its more than 135,000 Canadian members, and the Canadian music ecosystem overall. SOCAN licenses more than 125,000 businesses in Canada, and distributes royalties to its members and music rights organizations around the world. SOCAN also distributes royalties to its members for the use of their music internationally in collaboration with its peer societies.