Music technology company Jaxsta (ASX: JXT) has inked a commercial data access agreement with American entertainment and record label Warner Music Inc.
Under the initial two-year agreement, Jaxsta will be granted authorisation to use Warner’s data worldwide for its platform, known as Jaxsta Platform.
In return, Jaxsta will compensate Warner Music via ongoing royalty fees.
Either party may terminate the access agreement provided they have given at least 90 days’ notice at the end of the initial term.
In addition, Jaxsta has agreed to issue Warner Music 1.35 million warrants each at $0.01 per warrant for one new ordinary share in Jaxsta.
The new agreement with Warner Music marks Jaxsta’s 28th licencing data agreement in the space of 18 months, including with The Recording Academy and Sony Music Entertainment.
Its most recent deal was the signing of a digital product agreement with Universal Music Group earlier this week, granting Jaxsta authorisation to use the record label’s data worldwide.
As a central database for music, Jaxsta is a metadata platform of music credits and liner notes sourced from official industry partners worldwide.
The Jaxsta Platform collates and authenticates data from major and independent record labels, publishers, royalty agencies and industry associations and publishes it online making it the go-to source of official music information.
According to Jaxsta, the direct data feed provided by its data partners, such as record labels, provides the platform with official authoritative data source as opposed to crowd sourced information.
Jaxsta said its product schedule remained on track, with the Jaxsta.com beta site set to launch in the first-half of 2019 alongside the Jaxsta Pro subscription product.
While the company has been established since 2015, Jaxsta officially listed on the ASX in late 2018 in anticipation of a full commercial launch later this year.
The company raised more than $5 million in its IPO, with the company promoting itself as the “most comprehensive official music credits provider of its kind.”