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The Finnish Composers' Copyright Society Teosto becomes a co-owner of Artist Exchange, one of Takeoff Partners’ portfolio companies. Both Teosto and Artist Exchange are looking to develop new digital services that benefit both buyers and performers of live music. This is the first time Teosto invests in a startup company.
Teosto goes startup
The vision of Artist Exchange, www.artistexchange.com, is to make it easier to buy live music both in Finland and internationally. The company launched a web service at in spring 2016 that brings live music gigs available to music professionals, companies and private persons alike in a transparent fashion. Teosto, www.teosto.fi, administers and protects the rights of composers and music publishers in Finland since 1928.
Digitalization of live music services is underway
The goal of the newly announced cooperation is
to jointly develop services that make it easier to involve live music at events
in Finland, and in the long run increase the volume of live music events. “Ideally
we can provide a one stop shop for artists and performers for managing all their
activities that relate to live performances”, Roope Pajasmaa from Teosto says.
Artist Exchange has recently collected more than a million
euro in seed funding to boost product development and to prepare for internationalizing its live music trading platform. In addition to the acting leadership, the owners of
Artist Exchange include Takeoff Partners, Marja-Leena Tuomola, and Samu Haber
how’s best known as the lead singer of Sunrise Avenue.
More about the Teosto investment (in Finnish) at newspaper Tekniikka&Talous.