Putting the power back into the hands of artists, SphereTrax, the marketplace for high-end songs and soundtracks uses Blockchain technology to ensure rights owners are notified and paid instantly
SphereTrax, the music licensing marketplace that puts the power and rewards in musicians’ hands, has secured £250,000 in a pre-seed funding round led by early-stage focused venture capital firm Jenson Funding Partners. SphereTrax will use the investment to advance the tech development, and for sales and marketing.
Founded in 2022 by Sefi Carmel, an award-winning composer, sound designer, producer and mixer, SphereTrax is a platform for artists to upload tracks that top industry professionals – from filmmakers and trailer makers to ad agencies and games companies – use to place music in on-screen and immersive content.
In the music industry, record labels typically receive the lion’s share of the returns, leaving artists with a heavily diminished share of the royalties. Additionally, less established artists rarely have sufficient presence on existing platforms, meaning their work is not sourced for film and gaming soundtracks as often. Carmel created SphereTrax to change that, providing a platform with a powerful search engine to ensure new music is discovered and that artists receive a fairer share of the returns when their music is used in commercial work such as films, advertisements, computer games or trailers.
SphereTrax puts the creator in the spotlight, empowering them with the ability to make the best deals for their music and keep up to 75% of royalties. For industry professionals, SphereTrax’s search engine feature allows users to source tracks and samples swiftly and easily, whilst also being able to connect with the artists directly. The platform ensures the highest quality of music is produced, as tracks uploaded to the platform are converted to industry-leading Dolby Atmos surround sound technology as standard.
Users are also able to select from pre-set licences on the platform, with automated contracts and payment forms available to streamline the process for creators. SphereTrax uses Blockchain technology Bitcoin SV to ensure a transparent licensing process, meaning payments can be made in either cash or cryptocurrencies and withdrawn immediately. Users will also be able to purchase tracks as NFTs, securing outright ownership and increasing the value of the track over time for both purchaser and artist.
Sefi Carmel, Founder and CEO of SphereTrax, says: “The industry has always been weighted against creators, giving control and rights of their work to other stakeholders. SphereTrax’s creator-first model guarantees fairness and equal opportunities, no matter where you are or how large your following is. Not only this, but quality is at the forefront of our vision with Dolby Atmos as standard – this truly sets us apart from other platforms. For artists, our platform can be used to directly connect with some of the entertainment industry’s top professionals, helping them to effectively and simply monetise their work. For industry professionals, the search engine feature means that there is a huge breadth of talent at their fingertips. The funding will enable SphereTrax to serve both sides of the entertainment industry fairly, and create more opportunities for artists.”
Sarah Barber, CEO of Jenson Funding Partners, says: “SphereTrax isn’t just disrupting the entertainment industry with a platform that puts the rights of the creator ahead of anyone else, but also has a high quality threshold to ensure top industry professionals get the level of service and access to great music they expect. It’s very exciting to be investing in a company that values equality and quality in the same measure, whilst still being an easy-to-use and flexible platform. The entertainment industry has prioritised those at the top of the totem pole for too long, and SphereTrax has a solution that challenges that hegemony.