SphereTrax has secured a £250,000 investment from Jenson Funding Partners to back their mission to put creators back in charge of their music. The licensing platform helps musicians, both big and small, succeed in a marketplace where traditionally the labels would get the lion’s share of the rewards.

The blockchain-backed system allows creators to keep up to 75% of their royalties, benefiting both big names and up-and-coming talents. Meanwhile, those licensing the music benefit from SphereTrax’s commitment to quality and a seamless system that can automate the creation of contracts, including the purchase of NFTs to give outright ownership.

The funding will be used to expand SphereTrax’s offer. The team, currently eight-strong, is growing.

SphereTrax expects to launch on 1 April 2023 with over 10,000 tracks in place and are accepting applications from composers who want to be on the platform.

(By JAMES COUSINS)