Sync music platform Music Dealers has reportedly been wound down. The Chicago-based company, which also had offices in London, Los Angeles, New York and Atlanta, set up in 2008 and raised more than US$9m in funding between 2010 and 2013.
The concept of Music Dealers was different to a typical music licensing company, in that it looked to place music from unsigned, independent and self-releasing artists on different projects. Each project was listed on the Music Dealers website, detailing the type of music the client was after and the fee available, and artists submitted work to the projects of their choice. It also had a search platform enabling producers to find music from its pre-cleared library.
The company had worked with more than 600 clients around the globe, including Coca-Cola, Sony, McDonald’s and Disney. For four years Music Dealers became Coca-Cola’s global music partner, but that deal ended last year.
Music Dealers told Hypebot, ”It is with a heavy heart that Music Dealers has made the difficult decision to discontinue operations. We are proud of all we achieved in our eight years in business and disappointed to be in this position. We remain hopeful and focused on finding a partner who will help revive Music Dealers and once again realise its potential."
Hypebot also published details of musicians claiming not to have been paid for syncs that had been placed by the company. There is also concern about who now controls the compositions on the Music Dealers website.