LyricFind Cites Rapid Growth in Revenues and Repertoire, Enters into New Partnerships On the cusp of its 20th anniversary, the pioneer in lyric licensing moves into new products and new industries like automotive
Toronto, Canada
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May 11, 2023 10:33 AM Eastern Daylight Time
LyricFind, the world’s leader in lyric licensing and data solutions, has today announced important growth milestones, a significant repertoire expansion and new product enhancements. The company is also growing its footprint with the international music communities with an agreement with GEMA, Germany's mechanical and performance rights society, and launching new initiatives in the automotive industry.
As the music industry continues to experience global revenue growth across a growing number of channels, the demand for LyricFind’s suite of services, including its leading Lyric Video solution and its AI-powered LyricIQ metadata tool is also expanding. In addition to labels and publishers, who rely on LyricFind to create deeper engagement with artists, the company is offering solutions to new client sectors like automotive and fitness. As a result, LyricFind experienced a 48% increase in revenue in 2022 compared to the year prior.
In addition, with an increased focus on building lyrics content on a global basis, LyricFind increased its lyrics catalog by 47% in 2022, enabling its partners to substantially grow their usage and generate additional royalties for publishers and songwriters.
“Music continues to power growth and engagement across multiple businesses: from streaming and social platforms to brand marketing to fitness, automotive, and consumer electronics,” said Darryl Ballantyne, founder and CEO of LyricFind. “As music continues to become a more visual medium in social ‘feeds,’ lyrics are also a huge way to engage and retain consumers in every corner of the globe. We take our role in ensuring artists’ works are made available in an accurate and authorized way very seriously and are delighted that LyricFind’s growth ensures compensation for more writers in more ways, all around the world.”
And as part of LyricFind’s growing global partnerships, the company recently entered into an agreement with GEMA, Germany’s collecting society and performance rights organization for songwriters, composers, and music publishers. LyricFind is presently the only lyric aggregator with a GEMA license.
In addition, LyricFind has also:
Launched the first-ever full lyrics implementation in automotive with Mercedes MBUX Infotainment system, through its partnership with Xperi;
Enhanced its Lyric Video capabilities, helping clients quickly produce over 1,000 videos (including hundreds of Lyric Translation videos) which have cumulatively garnered over 20 million views on YouTube alone;
Launched multiple additional LyricIQ integrations, including a free to use tool available at lyriciq.lyricfind.com. LyricIQ enables commercial music users to analyze and filter music by its emotional content, sentiment, explicit content, and subject matter at a time when demand for brand suitability measures is growing with marketers.
For more information on LyricFind, please visit lyricfind.com.
About LyricFind
LyricFind is the trusted source for lyric licensing and data solutions. With more than 19 years in business and access to more than 100,000 catalogs and over 8 million song lyrics, LyricFind is trusted by a growing list of top music platforms including ByteDance, Amazon, Google, Xperi, YouTube, Deezer, Pandora, and iHeartRadio, providing current, accurate, and fully licensed lyrics. LyricFind's in-house premium reporting infrastructure precisely tracks and pays royalties to songwriters and rights holders on a song-by-song and territory-by-territory basis.
LyricFind's solutions include LyricIQ: a set of innovative data analysis and filtering tools. Designed to dive into the lyrical content of songs, LyricIQ uses a mix of AI and manual analysis to provide a deeper understanding through lyrics and give businesses more control over their product offering. In 2021, LyricFind launched Automated Lyric Videos, a platform that generates lyric videos in seconds. For more information, please visit https://www.lyricfind.com/.
Contact Details
Kite Hill PR
Dorianne Kaboya
