Explorer1 Music Group has acquired a majority stake in Music Benefactors, a music crowdfunding company.
Music Benefactors is a crowdfunding platform focused on enabling instant online investments with equity ownership being issued in tours, albums, and careers of artists and musicians. It allows individuals and institutional investors to directly receive a portion of income and profits from these artistic endeavors.
EX1 says it will consult with Music Benefactors and will approve each offering. EX1 will also use its vast global marketing network to promote its crowdfunding offerings, allowing artists and musical projects at any stage of their career to reach a wider music-focused audience.
“I am so proud that EX1 recognized the value in this business and platform I spent years developing,” Founder & President of Music Benefactors, Matt Lutz, told Digital Music News. “Their visionary approach to vetting and marketing each of the offerings I believe is a breath of fresh air in the crowdfunding space, and will give Music Benefactors the edge when it comes to delivering financial success for artists and musical projects.”
“Explorer 1 bought a 51% stake in Music Benefactors so they will include it on their consolidated financial statements,” he continues. “I’ll remain the President and continue to oversee day-to-day operations. We will have a three member board which includes, Paul Woolnough, Karen Johnson, and me. Also joining the team is Terry Balagia.”
“Since launching EX1’s artist partnership model in 2019, we are constantly approached by amazingly talented songwriters, performers, and artists that we would like to support, but are not fiscally or creatively a fit for our full partnership model,” adds Paul Woolnough, Founder & CEO of Explorer1 Music Group.
“With Music Benefactors, we can now provide them with a platform to raise the funds they need to take their career to the next level, while opening the door to a deeper relationship that may see them work with EX1 in the future.”