Proper Music Group has been acquired by fintech company Utopia Music.
The Swiss buyers say the acquisition of the Kent-based company, which distributes music digitally and in physical form, means that it will gain a database containing 33 billion global data points.
Utopia Music was founded in 2016 and aims to create new revenue streams for the music industry through data.
It says the purchase of Proper Music Group will contribute to its bid to create a new economy around music and and increase the speed that artists are paid in royalties.
The purchase is powered Utopia's new Distribution Services unit that will work with independent and major labels across the music industry .
The new department will offer partnering labels physical distribution and sales, manufacturing, digital distribution services, marketing for creators and performers, digital retail marketing, reporting and budgeting, real-time analytics, and synchronisation.
Roberto Neri, Chief Operating Officer at Utopia Music, said: “We are delighted to announce our acquisition of Proper, which will serve the whole industry and digitise operations and processes when it comes to distribution.
“This acquisition serves as a building block towards achieving a real Utopia. It will allow us to ensure ‘Fair Pay for Every Play’, and be more efficient by offering better and faster financial services to Creators, and servicing both major and independent labels. We are excited to welcome them into our family.
“Proper has a long history in the UK Music scene of which we are incredibly proud,” said Drew Hill, managing director at Proper Music Group. “That’s why when we learned of Utopia’s mission we knew we wanted to be a part of it. We believe that together we can help the whole value chain reach new heights, and as such we could not be more excited about this new venture.”