- Jaxsta (JXT) has signed its first commercial subscription deal with Australia's oldest copyright collection agency APRA AMCOS
- Under the deal, APRA AMCOS purchased 270 subscriptions for staff and ambassadors
- The deal is bringing in an extra $25,000 to Jaxsta's pocket
- Jaxsta is up 23.33 per cent on the market this morning, trading at 18¢ per share
Jaxsta (JXT) has signed its first commercial subscription deal with a performing rights organisation, APRA AMCOS.
Jaxsta is the world's largest publicly available database of official music credits.
Under the deal, APRA AMCIS (Australasian Performing Right Association and Australasian Mechanical Copyright Owners Society) purchased 270 subscriptions for staff and ambassadors for Jaxsta Pro.
This deal is bringing in an extra $25,000 to Jaxsta's pocket.
APRA AMCIS is Australia's oldest copyright collection agency to over 100,000 songwriters, composers and music publishers.
It gives licenses to organisations to play, perform, copy, record or make available members' music and distributes royalties to its members.
This deal is providing Jaxsta with communication access to APRA AMCIS members and it says this is the start of a push to partner with similar organisations.
Jaxsta CEO Jacqui Louez Schoorl is pleased with the deal.
“Partnering with APRA AMCOS is a clear strategic push to commercialise the Jaxsta Pro product and work with organisations to offer large subscription-based deals to their members," she said.
"Their members can fully harness the capability of Jaxsta Pro as a collaboration, career networking and revenue development tool," she added.
The parties will work together to reach over 100,000 APRA AMCOS members by following an education campaign and reducing subscription prices for this year.
APRA AMCOS Chief Executive Dean Ormston says, Jaxsta will help allow songwriters and composers to show their work and achievements accurately and with credibility to the music industry.
"The service’s emphasis on giving credit where credit is due is one that resonates with our members, who often work behind-the-scenes," he told the market this morning.
"Jaxsta will serve as a networking tool and connection point to new professional opportunities across the industry," Dean added.
Jaxsta is up 23.33 per cent on the market this morning, trading at 18¢ per share at 10:48am AEDT.