South Korean music investment firm Beyond Music added another $170 million to bolster its music catalog, which currently stands at 27,000 songs. The round was led by Praxis Capital, Beyond Music’s largest investor, and was joined by several large investors from Asia, the company announced Monday (June 5).
“Praxis Capital is well known for its successful track record in the content industry, and brings to the table not just capital, but ‘smart capital’ that delivers insight and shared vision,” said Beyond Music CEO Jangwon Lee in a statement. Previously, Beyond Music received funding from KB Securities, Base Investment, Maven Growth Partners and electronics and entertainment company Dreamus.
The latest investment will be used to fund the acquisition of “evergreen songs,” according to the press release, and will help Beyond Music “expand its capabilities and leadership within the music investment and catalog market, both within Asia and internationally.” Since its inception in 2021, Beyond Music has raised $400 million and invested mostly in Asian catalogs. The company acquired the catalog of Canadian producer-songwriter Greg Wells in December through a U.S. subsidiary, Lee told Billboard in February that “positioning ourselves as a more Asia-focused, Asia-Pacific music aggregator is our next step.”
There’s good financial reason to focus on Asia. More investment money is chasing catalogs in Western markets and has driven up valuations, Lee further explained to Billboard. In Asia, large fundraising for music acquisitions is a more recent phenomenon, and Beyond Music has been able to acquire “very good assets” at lower valuations. “We think they are not lesser than their U.S. or U.K. counterparts at all,” he said. “So, from a quantitative viewpoint, these don’t necessarily have to be valued at such a discrepancy. “
