- Jaxta (JXT), the world’s largest database of official music credits, inks a landmark agreement with nonprofit organisation, the Mechanical Licensing Collective (MLC)
- The MLC issues blanket mechanical licences for qualified streaming services in the US, such as Spotify, Apple Music, Amazon Music, and Tidal
- JXT CEO Josh Simons says this contract is a “substantial testament to the quality of Jaxsta’s service”
- The contract will kick into effect immediately and includes a 30-day termination clause
- JXT shares are up 2.8 per cent, trading at 5.5 cents at 11:22 am AEST
Jaxta (JXT), the world’s largest database of official music credits, has inked a landmark agreement with nonprofit organisation, the Mechanical Licensing Collective (MLC).
The MLC was set up to issue blanket mechanical licences for qualified streaming services in the United States, such as Spotify, Apple Music, Amazon Music, and Tidal.
To date, the MLC has paid out more than US$700 million in royalties to songwriters and publishers in the first 18 months of existence.
The contract is an extension of the recent successful implementation of JXT’s recording clustering proof of concept (PoC) and includes an initial setup fee due 30 days into the contract.
The setup fee covers the migration of the functionality developed for the PoC into a production environment and establishes agreed data delivery mechanisms.
“This contract with the MLC is a substantial testament to the quality of Jaxsta’s service – its cruciality to key facilitators of the music industry,” JXT CEO Josh Simons said.
“Partnering with the MLC further solidifies Jaxsta’s reputation as an enterprise solution provider and illustrates the direct applicability and scalability of our service and proprietary clustering technology.”
The contract will kick into effect immediately and includes a 30-day termination clause, with Michael Stone transitioning into Jaxsta’s Technical Director role to ensure smooth delivery of the agreed services.
JXT shares were up 2.8 per cent, trading at 5.5 cents at 11:22 am AEST.