September 20, 2023.
Songtradr, a music licensing firm, has emerged as the largest shareholder in Jaxsta, a music metadata company.
This development stems from Songtradr’s conversion of their ‘Tranche #1’ convertible note into ordinary shares in Jaxsta, a move that was already anticipated.
Presently, Songtradr commands a stake of slightly over 14% in the Australian company. There is potential for this ownership to increase further, courtesy of a ‘Tranche #2’ convertible note that remains convertible until June 29, 2025.
This announcement comes on the heels of Jaxsta’s recent acquisition of Vampr, a social network within the industry.
Moreover, there’s been a change in Jaxsta’s leadership, with former CEO Beth Appleton making way for Vampr CEO Josh Simons.
CEO of Songtradr, Paul Wiltshire, acknowledged Jaxsta’s substantial transformation over the past year. This transformation includes refining their product offering, launching Vinyl, acquiring Vampr, and prudently managing costs. Wiltshire emphasized that this conversion underscores Songtradr’s enduring confidence in Jaxsta’s future.
In terms of financials, Jaxsta’s most recent half-year results revealed a notable surge in revenues, escalating from $31k in the latter half of 2021 to $209.6k in the latter half of 2022. However, these gains were overshadowed by significant net losses: $3.2m and $4.5m, respectively.
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