Audible Magic Buys MediaNet From SOCAN

Audible Magic, a content identification company based out of Los Gatos, California, just purchased the B2B music platform MediaNet from SOCAN.

The deal was announced the morning of January 11th. Prior to this, MediaNet was purchased by SOCAN in 2016, 16 years after MediaNet was founded. 

Although the financial terms of this deal are “confidential”, Audible Magic claims this purchase will give them the opportunity to “provide digital platforms a comprehensive range of services to enable and manage the use of music.”

SOCAN and Audible Magic implied that they have created a “strategic partnership,” under which SOCAN will be able to utilize Audible Magic assets in an effort to “improve operational accuracy and reporting to publishers and songwriters.”

SOCAN interim CEO stated, “The acquisition of the MediaNet services by Audible Magic creates long-term benefits for SOCAN’s members and clients. Audible Magic is a knowledgeable and skilled company and we’re looking forward to working together to improve the accuracy of reporting to publishers and songwriters.”