Tracxn - Music Tech Startup Landscape

1. JULY 2019 MUSIC TECH

2. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Contents Feed Summary Investment Trends Market Details Exit Outlook Investors News Appendix 2 TAKE SHARPER DECISIONS WITH TRACXN ✓ Analyst team Covering 250+ Sectors ✓ Proprietary Business Model tagging ✓ 6000+ On-demand Queries answered ✓ Sector Reports, Market Maps ✓ One-Click Connect with Founders Join 500+ Investors & Corporates to get the Tracxn Advantage

3. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Contents Feed Summary Investment Trends Market Details Exit Outlook Investors News Appendix 3 Feed Summary Investment Trend Summary Exit Outlook Summary BlueBox Summary of Key Markets Notable Companies in the Sector Recent News

4. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on July 17, 2019. Music Tech Feed Summary 4 Music Tech > Feed Summary Online platforms which help in creation, distribution, and consumption of music. • Inclusions: Online companies which help in music consumption like music streaming platforms, music buying platforms, live music platforms, and sing&share applications. Online first companies which enable artists in managing distribution, royalties, rights and related services. Companies which help in music creation: DJing, mixing, collaboration, karaoke, and sharing platforms. • Exclusions: Media houses, publishers, labels, broadcasters are not included. Does not cover offline first speaker, earphone, and music instrument manufacturers. • Excludes funding information of Chinese companies Feed in Numbers Overview $6.9B Funding 20 Mega Companies 5522175 FundedCovered on Tracxn 4 Unicorns 17 Soonicorns 26 Minicorns 11 IPO’d Cos 156 Late Stage Cos 39 108 Acquisitions 461 DeadPooled 3 Acquihired Series A+ Cos Pandora (2000, Webster, $56.1M) SoundCloud (2007, Berlin, $363M) Spotify (2006, Stockholm, $2.1B) Top Companies

5. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Investment Trend Summary Summary of Funding Activity in Music Tech 5 $187M - Series F Deezer (2007, Paris, $445M) $57.5M - Series C Splice (2013, New York City, $105M) $170M - Series F SoundCloud (2007, Berlin, $363M) $50M - Series D SoundHound (2005, Santa Clara, $236M) $151M - Series C Gaana (2011, Delhi, $151M) $50M - Series D TuneIn (2002, San Francisco, $140M) $100M - Series E SoundHound (2005, Santa Clara, $236M) $35M - Series B Splice (2013, New York City, $105M) $58.9M - PE Native Instruments(1996, Berlin, $58.9M) $31.8M - Series F Smule (2008, San Francisco, $176M) Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend *YTD *YTD Music Tech > Feed Summary > Investment Trend Summary Seed Ascension Ventures (#4), Foundry Group (#2), Wavemaker Partners (#2) Series A/B Real Ventures (#2), Raine Group (#2), Plus Eight Equity (#2) Series C+ Greylock Partners (#1), Battery Ventures (#1), Temasek (#1) Incubators Techstars (#9), 500 Startups (#8), Wayra (#8) Other Notable Investors Tencent (#4), WndrCo (#3), Tech Coast Angels (#2) Debt Investors Pinnacle Ventures (#2), The FSE Group (#2), Silicon Valley Bank (#1) Most Active InvestorsRecent Investments 243 245 235 137 84 10 2014 2015 2016 2017 2018 2019* Y-o-Y # of Companies Founded 81 66 50 55 41 25 $3.5B $2.4B $355M $137M $114M Europe US India Australia Taiwan $ Funding $192M $456M $950M $1.5B $786M $573M $328M 43 2014 2015 2016 2017 2018 2019* $ Funding # Rounds

6. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Summary of exit outlook in Music Tech Exit Outlook Summary 66 Most Active AcquirersTop Investors in Exits Kleiner Perkins 3 Spotify (2006, Stockholm, $2.1B) SoundHound (2005, Santa Clara, $236M) Walden Venture Capital 2 SoundHound (2005, Santa Clara, $236M) Pandora (2000, Webster, $56.1M) Access Industries 2 Deezer (2007, Paris, $445M) Beats Music (2013, San Francisco, $120M) Orange 2 Deezer (2007, Paris, $445M) SoundHound (2005, Santa Clara, $236M) Senvest Capital 2 Spotify (2006, Stockholm, $2.1B) Saavn (2007, Mumbai, $126M) Apr 2019 Audio Network Acq by Entertainment One for $215M Sep 2018 Pandora Acq by Sirius XM for $3.5B Dec 2017 Shazam Acq by Apple for $400M Apr 2017 Mood Media Acq by Apollo Global Management for $645M May 2014 Beats Music Acq by Apple for $3.2B May 2007 Last.fm Acq by cbsinteractive.com for $280M Music Tech > Feed Summary > Exit Outlook Summary Spotify 5 The Echo Nest (Mar 2014), Soundtrap (Nov 2017), Tunigo (May 2013) Apple 4 Beats Music (May 2014, $3.2B), Shazam (Dec 2017, $400M), Asaii (Oct 2018) Google 3 PushLife (Apr 2011, $25M), Songza (Jan 2014), Simplify Media (May 2010) RealNetworks 3 Listen (Feb 2003, $36M), Napster (Jan 2019, $1M), Echodio (Jun 2009) Rhapsody 3 SoundTracking (Aug 2014), Schematic Labs (Aug 2014), Exfm (Aug 2014) Recent IPOs Top Acquisitions Genie Music Jan 2003 Online Korean music streaming platform IPO MCap: - Soribada Oct 2001 Digital music store focused on Korean mus… IPO MCap: - MP3.com Jul 1999 Online music streaming platform for indie… IPO MCap: $1.9B Bravio Media network IPO MCap: - Spotify Apr 2018 On-demand music streaming platform IPO MCap: - 7digital Jun 2014 Media content provider for streaming site… IPO MCap: $49.1M Pandora Jun 2011 Personalized internet radio streaming pla… IPO MCap: $2.6B Mood Media Jun 2008 In-store music solution provider for busi… IPO MCap: -

7. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Marketmap: Music Tech MUSIC CREATION TOOLS FOR AMATEURS TOOLS FOR PROFESSIONALS AUTOMATED MUSIC CREATION ARTIST SUPPORT SOCIAL CONNECT DISTRIBUTION CHANNEL MGMT. RIGHTS MANAGEMENT B2B SOLUTIONS MUSIC FOR VENUES MUSIC FOR ADS/MOVIES ON-DEMAND ONLINE RADIO MUSIC DISTRIBUTION LICENSED CONTENT OPEN CONTENT LICENSED CONTENT BROADCAST AGGREGATOR MUSIC DISCOVERY PERSONAL MEDIA AGGREGATION PLATFORMS IDENTIFICATION RECOMMENDATION Overview Companies 2175 Funded 552 Series A+ 156 Funding $6.9B Last 2 yrs $1.2B Most Active Investors Seed Ascension Ventures (4) Series A/B Real Ventures (2) Series C+ Greylock Partners (1) Others Tencent (4) Incubators Techstars (9) Top Cities Stockholm 29 Cos $2.2B Bay Area 168 Cos $1.1B Feed in Numbers Unicorns 4 Soonicorns 17 Minicorns 26 Editor Picks 128 Acquihired 3 Deadpooled 461 Top Companies Spotify (2006, Stockholm, $2.1B) Pandora (2000, Webster, $56.1M) SoundCloud (2007, Berlin, $363M) Exits IPOs 11 Pandora, MP3.com Acquisitions 108 Pandora, Mood Media Top Acquirers Spotify, Apple Music Tech > Feed Summary > BlueBox 7 FACTSHEET Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies.

8. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Key Sub Sectors in Music Tech Sector Summary of Key Markets 8 Other Notable Markets # Cos on Platform Last 2 Years $ Invested # Round Artist Support > Management Platforms > Royalty & Rights Management 33 $6.4M 2 Top Markets of Investment Activity # Cos on Platform Last 2 Years $ Invested # Round Distribution > On-Demand > Open Content > Subscription > Global 81 $197M 4 Creation > For Professionals > Collaboration 56 $94.8M 6 Artist Support > Management Platforms > Distribution Channel Manager 71 $31.9M 8 Music for Businesses > For Ads & Movies > Retail 144 $28M 7 Creation > For Amateurs > Karaoke 42 $74.8M 4 Music for Businesses > For Ads & Movies > Marketplace 87 $18.9M 5 Sub Sectors # Cos Tracked # Funded Total Funding Distribution Companies which take rights directly from musicians/labels for streaming or selling music... 599 134 $4.9B Creation Platforms which help professionals or amateurs in music creation & social sharing 366 120 $642M Aggregator Platforms which allow users to create, manage, share, and discover playlists or singles.... 422 106 $619M Music for Businesses Companies that provide music streaming, licensing, and other solutions for enterprises... 338 65 $343M Artist Support Companies which help independent artists in managing distribution, promotions, royalty... 373 100 $342M Ticketing Companies providing online ticketing platforms and/or ticketing services PRIMARILY for... 4 1 $31M Innovative Hardware Companies designing and marketing smart/connected hardware targeted at musical professionals... 17 11 $12.4M Music Tech > Feed Summary > Summary of Key Markets

9. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies in Music Tech Notable Companies in the Sector 9 Note: *(Founded Year, Location, Total Funding) Music Tech > Feed Summary > Notable Companies in the Sector Public 7digital (2004, London, $14.3M)* Spotify (2006, Stockholm, $2.1B) Cur Media (2009, South Glastonbury, $20.8M) Genie Music (1991, Gangnam) Soribada (2000, Seoul) Lyynks (2011, Burbank) Bravio (2017, Castle Rock) Acquired Pandora (2000, Webster, $56.1M) Beats Music (2013, San Francisco, $120M) Mood Media (2004, Austin) Shazam (1999, London, $140M) MP3.com (1997, San Francisco) Last.fm (2002, London, $5M) Audio Network (2001, London, $471k) Saavn (2007, Mumbai, $126M) Unicorns Deezer (2007, Paris, $445M) SoundHound (2005, Santa Clara, $236M) Deadpooled Tunes Store (1997, Chicago, $180M) Station (1990, St. Louis, $650k)

10. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies by Market in Music Tech Notable Companies by Market (1/5) 11 Music Tech > Feed Summary > Notable Companies by Market Distribution On-Demand Spotify (2006, Stockholm, $2.1B) On-demand music streaming platform Editor's Pick. Stage: Public Ernströmgruppen AB, TPG, Dragoneer Investment Group and 72 Other Investors Deezer (2007, Paris, $445M) On-demand music and online radio streaming platform Unicorn. Stage: Series F Kingdom Holding Company, Rotana, LBO France and 5 Other Investors Tidal (2014, Boston, $200M) Subscription based online music streaming platform Soonicorn. Stage: Acquired Sprint Gaana (2011, Delhi, $151M) Music Streaming platform based out of India Soonicorn. Stage: Series C Tencent, Micromax Informatics On-Demand Saavn (2007, Mumbai, $126M) Music streaming platform for on-demand music Soonicorn. Stage: Acquired Senvest Capital, Guy Oseary, Tiger Global Management and 5 Other Investors Beats Music (2013, San Francisco, $120M) On-demand music streaming platform Unicorn. Stage: Acquired Access Industries KKBox (2004, Taipei, $114M) On-demand music streaming platform Soonicorn. Stage: Acquired HTC Corporation, Chunghwa Telecom, KDDI and 1 Other Investors Hungama.com (2009, Mumbai, $65M) On-demand music streaming platform for Indian music Soonicorn. Stage: Series B Xiaomi, Intel Capital, Bessemer Venture Partners and 2 Other Investors On-Demand 7digital (2004, London, $14.3M) Media content provider for streaming sites Stage: Public UBC Media, Beringea, ProVen VCTs and 1 Other Investors Bravio (2017, Castle Rock) Media network Stage: Public Genie Music (1991, Gangnam) Online Korean music streaming platform Stage: Public Lyynks (2011, Burbank) Platform for music streaming from independent artists Stage: Public MP3.com (1997, San Francisco) Online music streaming platform for indie artists Stage: Acquired Theorem Ventures, Clearstone Venture Partners

11. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies by Market in Music Tech Notable Companies by Market (2/5) 12 Music Tech > Feed Summary > Notable Companies by Market Distribution On-Demand Soribada (2000, Seoul) Digital music store focused on Korean music Stage: Public SBI Investment Korea Tunes Store (1997, Chicago, $180M) Online music store Stage: Deadpooled Station (1990, St. Louis, $650k) Music streaming platform Stage: Deadpooled Steel Pier Capital Online Radio TuneIn (2002, San Francisco, $140M) Online broadcast radio channel aggregator Soonicorn. Stage: Acquired Marker, IVP, Comcast Ventures and 9 Other Investors Slacker (2006, San Diego, $57.6M) Online personalized radio streaming platform Soonicorn. Stage: Acquired Sevin Rosen Funds, Rho Capital Partners, Centennial Ventures and 5 Other Investors Pandora (2000, Webster, $56.1M) Personalized internet radio streaming platform Unicorn. Stage: Acquired Wells Fargo, JPMorgan Chase & Co., Sirius XM and 20 Other Investors Cur Media (2009, South Glastonbury, $20.8M) Online radio music streaming and sharing platform Stage: Public Intuitive Venture Partners, Katalyst Securities, Connecticut Innovations and 2 Other Investors Creation For Amateurs Smule (2008, San Francisco, $176M) Developer of social music creation and sharing apps Soonicorn. Stage: Series F Times Bridge, Tencent, Adams Street Partners and 12 Other Investors musical.ly (2013, San Francisco, $100M) Online musical video creation and sharing app Soonicorn. Stage: Acquired GGV Capital, Greylock Partners, Qiming Venture Partners and 9 Other Investors

12. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies by Market in Music Tech Notable Companies by Market (3/5) 13 Music Tech > Feed Summary > Notable Companies by Market Creation For Professionals Splice (2013, New York City, $105M) Music creation and collaboration platform Soonicorn. Stage: Series C Union Square Ventures, True Ventures, DFJ and 11 Other Investors Aggregator Discovery SoundHound (2005, Santa Clara, $236M) Developer of sound recognition based mobile apps Unicorn. Stage: Series E Tencent, Daimler, Hyundai Motor Company and 28 Other Investors Shazam (1999, London, $140M) Music identification platform Soonicorn. Stage: Acquired DN Capital, Kleiner Perkins, Sony Music and 10 Other Investors Music Messenger (2014, Herzliya, $35M) Music streaming and music messaging service Soonicorn. Stage: Series B Playlist (2006, Los Angeles, $28.9M) Music sharing and discovery app Soonicorn. Stage: Series B Zapis Capital, Miramar Digital Ventures, IT-Farm Corporation and 2 Other Investors Artist Support Social Connect Bkstg (2015, Los Angeles, $20M) Fan engagement platform for artists Soonicorn. Stage: Series A Mark Cuban Companies, Deep Fork Capital, Lerer Hippeau Ventures and 4 Other Investors

13. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies by Market in Music Tech Notable Companies by Market (4/5) 14 Music Tech > Feed Summary > Notable Companies by Market Artist Support Management Platforms ReverbNation (2006, Morrisville, $5M) Online musician tools Soonicorn. Stage: Series B SeventySix Capital, Novak Biddle Venture Partners, Southern Capitol Ventures and 1 Other Investors Last.fm (2002, London, $5M) Online music database, music recommendation and social network Stage: Acquired Index Ventures, Atomico Music for Businesses For Venues Soundtrack Your Brand (2013, Stockholm, $42M) Music streaming solution provider for businesses Soonicorn. Stage: Series C Telia Company, Northzone, Creandum and 10 Other Investors Mood Media (2004, Austin) In-store music solution provider for business owners Editor's Pick. Stage: Acquired Mood Media (2000, Almere) In-store music solution provider for business owners Stage: Acquired Chatham Capital For Ads & Movies Audio Network (2001, London, $471k) Production music & sound recording library Stage: Acquired Stripes Group, The Leisure Media

14. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies by Market in Music Tech Notable Companies by Market (5/5) 15 Music Tech > Feed Summary > Notable Companies by Market Ticketing Ticketing Sofar Sounds (2010, London, $31M) Online ticket booking platform for music concerts & events Soonicorn. Stage: Series C Battery Ventures, Union Square Ventures, Octopus Ventures and 4 Other Investors

15. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 List of Notable Companies in Music Tech in China Notable Companies in the Sector in China 16 Music Tech > Feed Summary > Notable Companies in the Sector in China Public A8 Digital Music (2000, Hong Kong) Acquired China Music Corp (2012, Beijing, $120M)

16. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Recent News in Music Tech Sector Recent News 17 Music Tech > Feed Summary > Recent News Jul 2019 Alexa to Get Hindi Support, Amazon Releases Voice Model to Help Build Skills Ahead of Launch, New Delhi Television Jul 2019 Amazon’s Alexa Could Come In Future Version of Windows 10, The Indian Wire Jul 2019 Amazon Enters Edtech Sector With Beta Launch Of Test Prep App, Inc42 Jul 2019 Amazon to create 250 jobs with new £68m Merseyside base, Prolific North Jul 2019 Amazon staff stage strikes in Germany saying "No more discounts on our incomes", bgr.in Jul 2019 Amazon Web Services debuts Pop-up Loft in Hong Kong, Marketing Interactive Jul 2019 Dubai Festival City is launching its own soundtrack on Spotify, T3 Middle East Jul 2019 Trend Micro delivers network security with AWS, SecurityBrief Jul 2019 London-based The Qube, a coworking space for creatives, raises €2.1 million, EU-Startups Jul 2019 Financial Times: Amazon is the third-biggest subscription streaming service, RAIN News Jul 2019 Set-top streamer Roxi Music plans IPO for London Stock Exchange, RAIN News Jul 2019 Vivo Z1Pro sale: Get Rs 1,750 discount on company's fastest selling smartphone; here's how, zeebiz.com Jul 2019 Amazon is sold on Qdigi Services idea, Global Corporate Venturing Key Recent News Key Recent News Jul 2019 Morgan Stanley boosts Amazon target to $2,300, Breaking The News Jul 2019 EarFun UBOOM Bluetooth Speaker Stands as a Spectacular Entry into the Wireless Audio Game, Business Wire Jul 2019 Transactions In Connection With Share Buyback Programme, GlobeNewswire Jul 2019 Amazon plans series based on the Jack Reacher novels, Engadget Jul 2019 Berlin Packaging Joins the Amazon Packaging Support and Supplier Network (APASS), PR Newswire Jul 2019 Amazon Looking To Expand Alexa-Enabled Offerings For Car Use, Carscoop Jul 2019 Against counterfeiting: Amazon wants to protect branded products with serial numbers, FashionUnited Jul 2019 Line Music goes live in Taiwan, Telecompaper Jul 2019 Amazon, Flipkart not on Mukesh Ambani's radar; Reliance Jio readies platform to wire kirana stores, Financial Express Jul 2019 Amazon workers in Germany to strike over pay as U.S. retailer plans 13th warehouse, Fashion Network Jul 2019 Amazon plans to open new warehouse, create 2,800 jobs in Germany, Reuters Jul 2019 Amazon News: Is The Retail Giant Looking To Expand More In Europe?, International Business Times Jul 2019 Amazon's Prime Day Sales Could Top $5 Billion, International Business Times

17. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Contents Feed Summary Investment Trends Market Details Exit Outlook Investors News Appendix 18 Funding Trends Median Deal Size and Trend New Entrants in Funding Club Distribution of companies by Funding Range Funding Funnel of the Sector Top Investments and Investors Investors in Unicorn club

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19. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Investments ($M) and number of rounds in Music Tech; 2012-2019 Global Funding Trends (1/2) 20 Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies Music Tech > Investment Trends > Global Funding Trends #Rounds $Funding 3 Year CAGR 6 Year CAGR 15% # of Rounds8% $ Funding 6% # of Rounds 15% $ Funding $192M $357M $541M $456M $950M $1.5B $786M $573M $328M 0 10 20 30 40 50 60 70 80 90 $0k $200M $400M $600M $800M $1.B $1.2B $1.4B $1.6B 2012 2013 2014 2015 2016 2017 2018 2019* $ Funding Predicted $ Funding # Rounds Predicted # Rounds

20. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 $15M $26M $24M $43M $19M $23M $24M $26M $40M $56M $120M $120M $134M $83M $112M $32M $301M $459M $312M $787M $1.3B $680M $438M $134M 2012 2013 2014 2015 2016 2017 2018 2019 YTD Seed Early Stage Late Stage 38 52 46 43 30 29 21 14 13 15 22 16 12 15 17 7 7 9 13 7 8 11 3 4 2012 2013 2014 2015 2016 2017 2018 2019 YTD Seed Early Stage Late Stage 58 25 Total # of Rounds 21 Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies Stage-wise Number of RoundsStage-wise $ Invested New Entrants in Funded Club Global Funding Trends (2/2) Investments ($M) and number of rounds in Music Tech; 2012-2019 Music Tech > Investment Trends > Global Funding Trends 81 40 31 21 26 21 11 231 $1.5M $3.2M $0.0M $1.0M $2.0M $3.0M $4.0M $5.0M $6.0M $7.0M $8.0M $9.0M $10.0M 0 50 100 150 200 250 2013 2014 2015 2016 2017 2018 2019 YTD Total Entrants in Funding Club Avg. Ticket Size $1.5M $0.9M $3M $4.5M $9.1M $1.8M $1.4M $3.2M $357M $192M Total $ Invested $134M $280M $450M $329M $853M $1.4B $715M $468M $230M 7 0 1 2 3 4 5 6 7 8 9 10 0 200000000 400000000 600000000 800000000 1E+09 1.2E+09 1.4E+09 1.6E+09 2012 2013 2014 2015 2016 2017 2018 2019 YTD $ Funding Predicted $ Funding # of Rounds Predicted # Rounds Mega Rounds 3 5 7 8 7 9 4 4

21. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201922 Music Tech > Investment Trends > Funding Trends by Geography Investments ($M) and number of rounds in Music Tech Funding Trends by Geography Funding Trends by Geography Top Cities of Funding City $ Funding # Rounds Stockholm 2.2B 40 Bay Area 1.1B 117 Berlin 474M 21 Paris 467M 18 New York City 314M 51 London 265M 42 Boston 206M 6 Mumbai 192M 20 Los Angeles 158M 41 Delhi NCR 152M 13 Total Funding 217 394 43 10 4 13 9 2 # Rounds $3.5B $2.4B $355M $137M $114M $48M $19.2M $14M Europe US India Australia Taiwan Israel Canada South Korea Note: Excludes funding information of China companies

22. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201923 Trend of Average Deal Size ($M) $0.5 $0.6 $0.6 $1.3 $1.0 $1.0 $1.2 2012 2013 2014 2015 2016 2017 2018 Music Tech > Investment Trends > Median Deal Size and Trend Median and Average Deal Size in $M (per Stage) in Music Tech; 2012-2018 Median Deal Size and Trend Note: Excludes funding information of Chinese companies. *Graph not to scale Median Deal Size and Range $2.6K* $21M $78.8K $70M $362K $40M $3.3K $1B $50M $7.7M $3.4M $435K Series C+ Series B Series A Seed Stage $11.5 $8.2 $12.2 $11.8 $10.2 $17.8 $18.9 $60.3 $51.0 $28.4 $112.4 $217.2 $85.0 $145.9 $2.5 $3.5 $4.2 $7.7 $12.9 $4.4 $5.7

23. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Note: 264 companies with undisclosed funding amount are not included 24 <$1M $1-10M $10-50M $50-100M $100M+ Funding Range 114 133 35 8 17 No. of Companies Music Tech > Investment Trends > Distribution of companies by Funding Range No. of companies by funding range in Music Tech; as of Jul 2019 Distribution of companies by Funding Range $38M $493M $887M $535M $4.9B $ Investment

24. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Stage No. of Companies Funding Funnel 100% 25% 7% 3% 2% 25 Note: Numbers in the brackets show the count of companies Time to raise next round 39 62 156 552 2175 Series C+ Series B Series A Funded Founded Next Round 100M+ Valuation Exits Acqui- Hired Dead Pooled Others 25% 2% (33) 1% (22) 0% (3) 21% (456) 54% (1164) 28% 5% (30) 3% (19) 0% (2) 26% (142) 46% (252) 40% 16% (25) 7% (11) 1% (1) 13% (21) 46% (72) 63% 35% (22) 13% (8) 2% (1) 10% (6) 26% (16) - 46% (18) 21% (8) - 10% (4) 38% (15) Music Tech > Investment Trends > Funding Funnel Number of companies progressing to subsequent funding stages in Music Tech Funding Funnel 21 Months 25 Months 24 Months Investment backedBootstrapped 17 4 78 9 30 2 Soonicorns Unicorns Acquisitions IPOs

25. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201926 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Music Tech > Investment Trends > Notable Investments in last 24 months Major funding rounds by Stage in Music Tech; Jul 2017-Jul 2019 Notable Investments in last 24 months (1/3) LATE STAGE $187M - Series F Aug 2018 Deezer (2007, Paris, $445M) On-demand music and online radio streaming platform Kingdom Holding Company, Rotana, LBO France, Access Industries, Orange $170M - Series F Aug 2017 SoundCloud (2007, Berlin, $363M) Music streaming platform Raine Group, Temasek $151M - Series C Feb 2018 Gaana (2011, Delhi, $151M) Music Streaming platform based out of India Tencent $100M - Series E May 2018 SoundHound (2005, Santa Clara, $236M) Developer of sound recognition based mobile apps Tencent, Daimler, Hyundai Motor Company, Midea, Orange, Samsung, NVIDIA, KT Investment, HTC Corporation, Line, Naver, Nomura LATE STAGE $58.9M - PE Oct 2017 Native Instruments (1996, Berlin, $58.9M) Manufacturer of software and hardware for computer-based audio production EMH $57.5M - Series C Mar 2019 Splice (2013, New York City, $105M) Music creation and collaboration platform Union Square Ventures, True Ventures, DFJ, Flybridge Capital Partners, Founders Circle Capital, Lerer Hippeau Ventures, LionTree, Matt Pincus $50M - Series D Nov 2017 SoundHound (2005, Santa Clara, $236M) Developer of sound recognition based mobile apps $50M - Series D Aug 2017 TuneIn (2002, San Francisco, $140M) Online broadcast radio channel aggregator Marker, IVP, Comcast Ventures LATE STAGE $31.8M - Series F Apr 2019 Smule (2008, San Francisco, $176M) Developer of social music creation and sharing apps Times Bridge $25M - Series C May 2019 Sofar Sounds (2010, London, $31M) Online ticket booking platform for music concerts & events Battery Ventures, Union Square Ventures, Octopus Ventures, Virgin $20M - Series C Jul 2019 Epidemic Sound (2009, Stockholm, $58.9M) Production music licensing platform Creandum, EQT Ventures, Atwater Capital Series C Nov 2017 Saavn (2007, Mumbai, $126M) Music streaming platform for on-demand music Senvest Capital

26. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201927 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Music Tech > Investment Trends > Notable Investments in last 24 months Major funding rounds by Stage in Music Tech; Jul 2017-Jul 2019 Notable Investments in last 24 months (2/3) EARLY STAGE $35M - Series B Nov 2017 Splice (2013, New York City, $105M) Music creation and collaboration platform DFJ, True Ventures, Union Square Ventures, Flybridge Capital Partners $30M - Series B Nov 2018 StarMaker (2010, San Francisco, $43.5M) Music creation platform for amateurs Opera $15.5M - Series A May 2018 Amuse (2016, Stockholm, $20M) Online music distribution platform for indie artists Lakestar, Raine Group $11.8M - Series A Sep 2018 IDAGIO (2014, Berlin, $23.5M) Music streaming platform for classical music $10M - Series A Dec 2017 Spotlite (2017, Los Angeles, $10M) Music karaoke platform Sequoia Capital, BlueRun Ventures EARLY STAGE $9.5M - Series A Dec 2017 IDAGIO (2014, Berlin, $23.5M) Music streaming platform for classical music Tengelmann Ventures, Btov $7.7M - Series B May 2018 TuneGO (2013, Las Vegas, $14.1M) Music distribution, analytics and professional networking platform for indie artists Falcon Capital $7M - Series A May 2018 Mugo (2016, Givatayim, $9M) Social music player for streaming, sharing & personalized discovery TV Azteca $5.6M - Series A May 2019 Sonarworks (2012, Riga, $8.5M) Software for headphones and speakers Karma Ventures, Practica Capital, Revo Capital, Superangel, Imprimatur Capital Fund Management EARLY STAGE $5M - Series A Feb 2018 Triller (2015, New York City, $9.5M) Music video creation and social sharing application Carnegie Technologies $4.1M - Series A Dec 2017 Amuse (2016, Stockholm, $20M) Online music distribution platform for indie artists Jörg Mohaupt, Lakestar $4M - Series B Jun 2019 Playlist (2006, Los Angeles, $28.9M) Music sharing and discovery app $2.1M - Series A Dec 2017 Stashimi (2015, Glendale, $4.2M) Fan-engagement platform Series B Nov 2017 Epidemic Sound (2009, Stockholm, $58.9M) Production music licensing platform EQT Ventures

27. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201928 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Music Tech > Investment Trends > Notable Investments in last 24 months Major funding rounds by Stage in Music Tech; Jul 2017-Jul 2019 Notable Investments in last 24 months (3/3) SEED STAGE $12M - Angel Mar 2019 Songtradr (2014, Santa Monica, $21.5M) Online music and sound licensing platform for commercial usage Richard White $4.5M - Seed Feb 2019 Antescofo (2016, Paris, $4.5M) AI-based music application provider Yann Le Cun, Raffles Capital, Daphni, OneRagtime, Nobuyuki Idei, Sophie Gasperment, Yann LeCun, Thibault Viort $4M - Angel Jan 2018 Songtradr (2014, Santa Monica, $21.5M) Online music and sound licensing platform for commercial usage Richard White $2M - Seed Oct 2018 Qwire (2010, North Hollywood, $4.5M) Platform to provide music for films and casting solutions SEED STAGE $1.7M - Seed May 2019 Tracklib (2014, Stockholm, $4.4M) Online marketplace to discover, buy, and license tracks Sony Innovation Fund, WndrCo, Jörg Mohaupt $1.3M - Seed Dec 2017 Sonarworks (2012, Riga, $8.5M) Software for headphones and speakers Karma Ventures $178k - Seed Jan 2018 Songtradr (2014, Santa Monica, $21.5M) Online music and sound licensing platform for commercial usage $93k - Angel Sep 2017 Amuse (2016, Stockholm, $20M) Online music distribution platform for indie artists will.i.am

28. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201929 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Music Tech > Investment Trends > Notable Investments in last 24 months in China Major funding rounds by Stage in Music Tech; Jul 2017-Jul 2019 Notable Investments in last 24 months in China LATE STAGE $150M - Series E Sep 2017 Qingting (2011, Shanghai, $162M) Mobile app based radio station aggregator Baidu, We Capital, CMIG, Genimous $50M - Series D Jan 2018 Lizhi (2010, Guangzhou, $80M) Online indie radio station streaming app Orchid Asia Group, Evolution Media EARLY STAGE $20M - Series A Mar 2019 Boomplay (2016, Shenzhen, $20M) Music discovery and streaming application Maison Capital SEED STAGE $2.3M - Seed Jun 2018 Joox Music (2014, Nanshan, $3.7M) Online music streaming application Rokk3r Fuel

29. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Most Active Investors (VC, PE) by Stage in Music Tech; Last 5 years (Jul 2014-Jul 2019) Most Active VC & PE Investors 30 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Music Tech > Investment Trends > Most Active VC & PE Investors SEED STAGE Ascension Ventures(4 Investments) CloudBounce, NumberEight, Trackd 1 Foundry Group (2 Investments) Amper Music, UniqueSound 2 Wavemaker Partners (2 Investments) Haawk, Musiio 3 Ascension Ventures(2 Investments) Blokur, Rotor 4 London Co-Investment Fund (2 Investments) Psonar, NumberEight 5 Frontier Venture Capital (2 Investments) Haawk, LiveList 6 Lightspeed Venture Partners Pocket FM 7 General Catalyst Partners Cymbal 8 Upfront Ventures Stem Disintermedia 9 Seventure Partners HorseCom 10 EARLY STAGE Real Ventures(2 Investments) Amp Me, Landr 1 Raine Group (2 Investments) StarMaker, Amuse 2 Plus Eight Equity (2 Investments) Splice, Landr 3 DFJ Splice 4 Andreessen Horowitz UnitedMasters 5 Charles River Ventures BOP.fm 6 SV Angel BOP.fm 7 GGV Capital musical.ly 8 Northzone Soundtrack Your Brand 9 Industrifonden Soundtrap 10 LATE STAGE Greylock Partners musical.ly 1 Battery Ventures Sofar Sounds 2 Temasek SoundCloud 3 Union Square Ventures Sofar Sounds 4 Balderton Capital Soundtrack Your Brand 5 Industrifonden Soundtrack Your Brand 6 Octopus Ventures Sofar Sounds 7 Comcast Ventures TuneIn 8 DCM Ventures musical.ly 9 GSV Capital Spotify 10

30. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201931 Music Tech > Investment Trends > Most Active Ecosystem Investors Top Ecosystem Investors in Music Tech; Last 5 years (Jul 2014-Jul 2019) Most Active Ecosystem Investors INCUBATOR/ACCELERATOR Techstars(9 Investments) Amper Music, Pacemaker, UniqueSound 1 500 Startups(8 Investments) Pacemaker, Ghinwa, Rapchat 2 Wayra(8 Investments) Brandtrack, Bquate, BattleMe 3 MassChallenge(7 Investments) Amondo, Choosic, Earbuddy 4 Startupbootcamp(4 Investments) Composy, Echo, Epiqur 5 FasterCapital(3 Investments) DeliverMyTune, PartyKing, Musjic 6 LeanSquare(3 Investments) MOD Devices, PlayGround, Soundsgood 7 NDRC(2 Investments) Soundwave, Melosity 8 Y Combinator MixerBox 9 Brand Capital InMusik 10 OTHER NOTABLE INVESTORS Tencent(4 Investments) Spotify, SoundHound, Smule 1 WndrCo(3 Investments) Stem Disintermedia, Mixcloud, Tracklib 2 Tech Coast Angels(2 Investments) Playlist, Beatshare 3 GP Bullhound(2 Investments) Spotify, Tunigo 4 Orange(2 Investments) Deezer, SoundHound 5 Warner Music(2 Investments) Spotify, Landr 6 Brookside Mezzanine Partners(2 Investments) Spectrio 7 Carnegie Mellon University(2 Investments) BandPass, Nebulus 8 Senvest Capital(2 Investments) Spotify, Saavn 9 Spotify(2 Investments) Soundtrack Your Brand, DistroKid 10 DEBT INVESTORS Pinnacle Ventures(2 Investments) Pandora, Myspace 1 The FSE Group(2 Investments) Rotor, Filmstro 2 Silicon Valley Bank 8tracks 3 KKR Pandora 4 Macquarie Group IDAGIO 5 Kreos Capital SoundCloud 6 TPG Spotify 7 Adams Street Partners Smule 8 Solar Capital TouchTunes 9 Ares Capital Corporation SoundCloud 10

31. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201932 Music Tech > Investment Trends > Investors in Unicorn club Investors in Unicorn Club (1/3)

34. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201935 Music Tech > Investment Trends > Unicorn Investors in the Sector Unicorn Investors in the Sector

35. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 36 BlueBox Key Sub Sectors Detailed Sector Taxonomy Top Markets of Investment Activity Top Markets of Early Stage Investors Other Notable Markets Market Deep Dive

36. Some more Sector Reports you might want to check out Join 4000+ people taking sharper decisions with Tracxn Marketplaces - India Jul 2019 Vernacular Platforms Jun 2019 Productivity Software Jun 2019

38. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Key Sub Sectors (1/2) 39 Key Sub Sectors in Music Tech Market Top Companies # Cos Tracked # Funded Total Funding Distribution Companies which take rights directly from musicians/labels for streaming or selling music online Spotify (2006, Stockholm, Public) Pandora (2000, Webster, Acquired) 599 134 $4.9B Creation Platforms which help professionals or amateurs in music creation & social sharing musical.ly (2013, San Francisco, Acquired) Splice (2013, New York City, $105M) 366 120 $642M Aggregator Platforms which allow users to create, manage, share, and discover playlists or singles. These platforms do not directly license content & source cont... Shazam (1999, London, Acquired) SoundHound (2005, Santa Clara, $236M) 422 106 $619M Music for Businesses Companies that provide music streaming, licensing, and other solutions for enterprises (venues, advertisement or movie makers, telecom companies) Songtradr (2014, Santa Monica, $21.5M) Epidemic Sound (2009, Stockholm, $58.9M) 338 65 $343M Artist Support Companies which help independent artists in managing distribution, promotions, royalty and helps in connecting to fans and professionals TuneCore (2005, Brooklyn, Acquired) TuneGO (2013, Las Vegas, $14.1M) 373 100 $342M Ticketing Companies providing online ticketing platforms and/or ticketing services PRIMARILY for live music events Sofar Sounds (2010, London, $31M) Bugece (2015, Istanbul) 4 1 $31M Innovative Hardware Companies designing and marketing smart/connected hardware targeted at musical professionals and consumers Sonarworks (2012, Riga, $8.5M) dbTrack (2018, Pretoria) 17 11 $12.4M Music Learning Companies providing tech solutions to individuals to learn music Riyaz (2016, Bangalore) Melodics (2014, Auckland, $1.2M) 26 4 $2M Music Tech > Market Details > Key Sub Sectors

39. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Key Sub Sectors (2/2) 40 Key Sub Sectors in Music Tech Market Top Companies # Cos Tracked # Funded Total Funding Therapeutic music Companies providing tech solutions for therapeutic music Calm Radio (2009, Toronto) Abide (2013, Menlo Park) 7 3 $1.1M Concert Technology Companies providing tech solutions that assist in organizing & managing live music events Prism (2016, Austin, $1M) Find A Muso (0) 4 3 $1M Music Tech > Market Details > Key Sub Sectors

40. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Detailed Sector Taxonomy (1/8) 41 Music Tech > Market Details > Detailed Sector Taxonomy

48. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Rank Market Last 2 Years $ Invested # Round Top Funded Company 1 (+6) Distribution > On-Demand > Open Content > Subscription > Global On-demand subscription/ad-supported platforms offering indie English music (Companies covered 81 | Funded 21 | Total Funding $401M) $197M (+$127M) 4 (-) SoundCloud (2007, Berlin, $363M) 2 (+12) Creation > For Professionals > Collaboration Platforms wherein several artists can collaborate their work in real time (Companies covered 56 | Funded 27 | Total Funding $159M) $94.8M (+$89.3M) 6 (+4) Splice (2013, New York City, $105M) 3 (+3) Artist Support > Management Platforms > Distribution Channel Manager Platforms which allow artists to manage distribution & royalties coming from music streaming/buying platforms (Companies covered 71 | Funded 21 | Total Funding $172M) $31.9M (-$39.9M) 8 (+4) Amuse (2016, Stockholm, $20M) 4 (+14) Music for Businesses > For Ads & Movies > Retail Online platforms wherein professionals, brands, marketing agencies can discover & license music for commercial use. The content is owned by the seller (Companies covered 144 | Funded 11 | Total Funding $83.2M) $28M (+$24.5M) 7 (+5) Epidemic Sound (2009, Stockholm, $58.9M) 5 (-) Creation > For Amateurs > Karaoke Applications providing Karaoke platform & songs (Companies covered 42 | Funded 21 | Total Funding $245M) $74.8M (-$4.1M) 4 (-) Smule (2008, San Francisco, $176M) 6 (+10) Music for Businesses > For Ads & Movies > Marketplace Marketplace wherein professionals, brands, marketing agencies can discover & license music for commercial use. Artists can upload their songs (Companies covered 87 | Funded 20 | Total Funding $34.7M) $18.9M (+$14.6M) 5 (+3) Songtradr (2014, Santa Monica, $21.5M) 7 (-4) Aggregator > Discovery > Community Recommendation > Social Sharing Music discovery platforms wherein users create & share playlists or individual tracks with others (Companies covered 93 | Funded 32 | Total Funding $148M) $18.2M (-$6.4M) 3 (-4) Vertigo Music (2015, Michigan Center, $14.9M) 49 Note: The numbers in the bracket represent the change in a 2 year period. Top Markets of Investment Activity (1/2) Top Markets by Funding in Music Tech in last 2 years (July 2017 - June 2019) Music Tech > Market Details > Top Markets of Investment Activity

49. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201950 Top Markets of Investment Activity (2/2) Music Tech > Market Details > Top Markets of Investment Activity

50. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Rank Market # Investments Key Investments 1 Creation > For Professionals > Collaboration Platforms wherein several artists can collaborate their work in real time (Companies created 56 | Funded 27 | Total Funding $159M ) 1 Splice (2013, New York City, $105M) 2 Creation > For Amateurs > Karaoke Applications providing Karaoke platform & songs (Companies created 42 | Funded 21 | Total Funding $245M ) 1 Spotlite (2017, Los Angeles, $10M) Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures 51 Top Markets of Early Stage Investors Top Markets where Early Stage Investors are investing in last 2 years (July 2017 - June 2019) Music Tech > Market Details > Top Markets of Early Stage Investors

51. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Rank Market Last 2 Years # of Comp Founded $ Invested # Round Top Funded Company 1 Artist Support > Management Platforms > Royalty & Rights Management Platforms which allow artists and music labels in rights/royalty management (Companies covered 33 | Funded 9 | Total Funding $34.4M) 10 $6.4M (+$6.4M) 2 (+2) Muzooka (2011, Greenbrae, $6.9M) 52 Other Notable Markets Other Notable Markets with high Entrepreneurial Activity in Music Tech in last 2 years (July 2017 - June 2019) Music Tech > Market Details > Other Notable Markets

52. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Incubators Techstars (#1), Y Combinator (#1) Seed Greylock Partners (#1), Altair Capital (#1) Series A/B Union Square Ventures (#1), Index Ventures (#1) Series C+ Kleiner Perkins (#1), GGV Capital (#1) Free Music Archive Dec - 2018 Acq by Kitsplit MP3.com Jul - 1999 IPO'd on NASDAQ Bravio IPO'd Lyynks IPO'd $11.8M - Series A IDAGIO (2014, Berlin, $23.5M) $6.4M - Series A Audiomack (2011, New York City, $6.4M) $9.5M - Series A IDAGIO (2014, Berlin, $23.5M) $170M - Series F SoundCloud (2007, Berlin, $363M) $70M - Series E SoundCloud (2007, Berlin, $363M) $63k - Seed qWaqq (2015, Los Angeles, $63k) $22.6k - Seed Mixupload (2010, Moscow, $316k) Seed IDAGIO (2014, Berlin, $23.5M) Seed Tradiio (2014, Porto, $1.3M) Jun 2019 SoundCloud hires former Napster exec, RAIN News Jun 2019 LottoGopher Announces Bravio Technologies Ltd. $3,000,000 Brokered Private Placement of Subscription Receipts Co-Lead by Gravitas Securities Inc. and Canaccord Genuity Corp, Investing News Jun 2019 SoundCloud launches advertising features in five new markets, Business of Apps May 2019 Soundcloud Launches Dj Software Integration With Native Instruments, Music Business Worldwide May 2019 WEYV Announces Podcasts as Latest Content Offering, GlobeNewswire Mar 2019 SoundCloud enters advertising partnership with Targetspot in European markets, Mobile Marketing Magazine Mar 2019 SoundCloud Hires Anthony Gabriele as Senior VP, Subscriptions & Marketing, Technology-Signals Mar 2019 SoundCloud returns to Australia inking SCA deal, AdNews Mar 2019 Voxnest and Jamendo Partner to Bring Together Complementary Tools and Services for Musicians and Podcasters, PR Newswire Mar 2019 SoundCloud finally introduces discounted student pricing, TechCrunch Feb 2019 SoundCloud's Urban Culture Streams Into Spotify & Apple Music, Forbes Feb 2019 Over 200 million tracks have been uploaded to SoundCloud, The Verge Jan 2019 New York settles with sellers of 'fake' online followers, 'likes', Reuters News 4 1 6 21 81 M&A/IPO Series C+ Series A+ Funded Companies Covered Funding Funnel Distribution > On-Demand > Open Content > Subscription > Global: Market Factsheet 53 Exits Most Active Investors Recent InvestmentsOn-demand subscription/ad- supported platforms offering indie English music SoundCloud (2007, Berlin, $363M) IDAGIO (2014, Berlin, $23.5M) Jamendo (2004, Luxembourg) Audiomack (2011, New York City, $6.4M) Amazing Tunes (2006, Newcastle Emlyn, $1.4M) Top Companies #1 Top Markets of Investment Activity Music Tech > Market Details > Market: Global Companies Created 81 | Funded 21 | Total Funding $401M 0 5 10 $0k $100M $200M 2014 2015 2016 2017 2018 Predicted Funding YoY Funding Rounds Predicted Rounds YoY Funding and Rounds Market: Global

53. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201954 Distribution > On-Demand > Open Content > Subscription > Global: Top Companies Music Tech > Market Details > Market: Global #1 Top Markets of Investment Activity Market: Global Analyst’s Pick SoundCloud (2007, Berlin, $363M) Music streaming platform Editor's Pick. Stage: Series F Raine Group, Temasek, Ares Capital Corporation and 15 Other Investors IDAGIO (2014, Berlin, $23.5M) Music streaming platform for classical music Minicorn. Stage: Series A Tengelmann Ventures, Btov, Macquarie Group, Raffay Jamendo (2004, Luxembourg) Indie music streaming and licensing platform Editor's Pick. Stage: Series A Mangrove Capital Partners

54. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics 55 Distribution > On-Demand > Open Content > Subscription > Global: Leaderboard Music Tech > Market Details > Market: Global #1 Top Markets of Investment Activity Better than Market Average Market: Global Overall Rating Company Name Year Location Stage Funding ($M) Funding Rounds Team Rating Execution Quality Size Metrics 6M Growth Metrics App Rating App UI Web UI Social Followers Mobile Downloads Mobile Reviews News Mentions Mobile Reviews Social Followers Δ % Δ % 5.0 SoundCloud 2007 Berlin Series F $363M 9 4 5 - - 2.4M 303.2M 3954.1k 136 191.5 k 5% 37.2k 2% 4.3 Audiomack 2011 New York City Series A $6.4M 1 3 5 - - 67.2k 30M 272.3k 1 45k 20% 6.2k 10% 4.2 IDAGIO 2014 Berlin Series A $23.5M 3 4 4 - - 5k 300k 1.8k 2 - - 1.9k 59% 3.7 Jamendo 2004 Luxembour g Series A - 1 4 4 - - 9.7k 75.8M 491.9k 3 80.5k 20% -48 - 2.7 WEYV 2017 Troy Unfunded - - - 4 - 3 124 300k 630 5 182 41% - - 2.7 Hearthis 2013 Chemnitz Unfunded - - - 4 - 2 7k 75k 474 - 157 50% 203 3% 2.7 Amazing Tunes 2006 Newcastle Emlyn Series A $1.4M 2 4 - - - 5.6k - - - - - 106 2% 2.7 Free Music Archive 2009 Jersey City Acquired - - 1 4 - - 25.2k 30k 191 - 42 28% 62 - 2.6 Mixupload 2010 Moscow Seed $316k 2 - 4 4 3 1.3k 30k 524 - 36 7% -39 -3% 2.4 Live Mixtapes 2006 Cleveland Unfunded - - - 5 3 1 474.7k 3M 8.9k - 2.4k 36% -2295 - 2.2 Tuneself 2016 California City Unfunded - - - 4 - - 617 3.4M 5.8k - 435 8% -6 -1% 2.1 SupaPass 2011 London Funded - - - 4 - 3 2k 8k 41 - - - 7 - 2.0 MP3.com 1997 San Francisco Acquired - - 4 - - - 3.1k - - - - - 10 -

55. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Incubators MassChallenge (#1), Startupbootcamp (#1) Seed True Ventures (#1), Union Square Ventures (#1) Series A/B Plus Eight Equity (#1), DFJ (#1) Series C+ Cisco Investments (#1), Founders Circle Capital (#1) Rocket Network Apr - 2003 Acq by Avid Technology Series A ENDLESSS (2017, London) $1.8M - Series A Amadeus Code (2017, Shibuya) $57.5M - Series C Splice (2013, New York City, $105M) $500k - Seed audiobridge (2016, Walnut Creek, $500k) $28k - Seed The LABZ (2015, Atlanta, $28k) $35M - Series B Splice (2013, New York City, $105M) $5M - Series A Splice (2013, New York City, $105M) $500k - Seed Bandhub (2014, New York City, $500k) Seed Bandhub (2014, New York City, $500k) $384k - Seed Musistic (2012, Memphis, $799k) $4.5M - Series A Splice (2013, New York City, $105M) May 2019 Amadeus Code receives $1.8 million to develop AI music generation platform, TechStartups.com May 2019 Singapore’s BandLab Technologies acquires iconic music magazines NME and Uncut, Tech in Asia Mar 2019 Splice Raises $57.5 Million Series C, Citybizlist Nov 2018 audiobridge, a Songwriting and Recording Software Startup, Opens Nashville Office, Newswire Apr 2018 Cakewalk Software DAW is Back and Available for Free, Commercial Integrator Feb 2018 Splice Acquires Indaba Music, Online Music Community That Pioneered Remix Contests & Created the Rubber Tracks Sample Library, Business Wire Feb 2018 Gibson sells music software unit, Nashville Post Dec 2017 Prospective Buyers Closing In At 'Rolling Stone', MediaPost Dec 2017 Digital Media Startup Closes $35 Million, NewsCenter Nov 2017 Kuok Meng Ru wants to buy 51% of Rolling Stone he doesn't own, Consumer , The Business Times Oct 2017 Splice is making it easier to buy expensive music production plugins - The Verge, The Verge Apr 2017 Collaboration startup Splice introduces sound effects to its library, TechCrunch Jan 2017 BandLab Technologies acquires AudioStretch, Deal Street Asia Sep 2016 Singapore's music collaboration platform BandLab acquires San Francisco design company, E27 News 1 3 6 27 56 M&A/IPO Series C+ Series A+ Funded Companies Covered Funding Funnel Creation > For Professionals > Collaboration: Market Factsheet 56 Exits Most Active Investors Recent InvestmentsPlatforms wherein several artists can collaborate their work in real time Splice (2013, New York City, $105M) BandLab (2014, Singapore) The LABZ (2015, Atlanta, $28k) ENDLESSS (2017, London) Kompoz (2007, Miami) Top Companies #2 Top Markets of Investment Activity Music Tech > Market Details > Market: Collaboration Companies Created 56 | Funded 27 | Total Funding $159M 0 2 4 $0k $20M $40M 2014 2015 2016 2017 2018 Predicted Funding YoY Funding Rounds Predicted Rounds YoY Funding and Rounds Market: Collaboration

56. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201957 Creation > For Professionals > Collaboration: Top Companies Music Tech > Market Details > Market: Collaboration #2 Top Markets of Investment Activity Market: Collaboration Analyst’s Pick Splice (2013, New York City, $105M) Music creation and collaboration platform Soonicorn. Stage: Series C Union Square Ventures, True Ventures, DFJ and 11 Other Investors The LABZ (2015, Atlanta, $28k) Decentralized platform for the music industry Editor's Pick. Stage: Seed BandLab (2014, Singapore) Online music creation platform Editor's Pick. Stage: Unfunded ENDLESSS (2017, London) Live multiplayer music-making solution Editor's Pick. Stage: Series A Tim Clark, Mathew Daniel, Dhiraj Mukherjee and 2 Other Investors Kompoz (2007, Miami) SaaS platform to collaborate with musicians and crowdsource music creation Editor's Pick. Stage: Unfunded Analyst’s Pick Sessionwire (2015, Vancouver) Online collaborative music creation platform for professionals Editor's Pick. Stage: Unfunded

57. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics 58 Creation > For Professionals > Collaboration: Leaderboard Music Tech > Market Details > Market: Collaboration #2 Top Markets of Investment Activity Better than Market Average Market: Collaboration Overall Rating Company Name Year Location Stage Funding ($M) Funding Rounds Team Rating Execution Quality Size Metrics 6M Growth Metrics App Rating App UI Web UI Social Followers Mobile Downloads Mobile Reviews News Mentions Mobile Reviews Social Followers Δ % Δ % 5.0 Splice 2013 New York City Series C $105M 5 5 - - - 28.7k - - 12 - - 3k 12% 3.8 BandLab 2014 Singapore Unfunded - - - 4 - - 68 3M 32.2k 9 13.8k 75% 8 13% 2.7 Gobbler 2010 Los Angeles Series A $6.3M 3 3 - - - 5.3k - - 1 - - -81 -2% 2.5 Aballoon 2014 San Francisco Funded - - - 4 - - 824 31k 110 - 7 7% 3 - 2.5 Rocket Network 1994 San Francisco Acquired $44M 4 - - - - - - - - - - - - 2.4 Amadeus Code 2017 Shibuya Series A - 1 - - - 2 494 - - 1 - - - - 2.3 Musistic 2012 Memphis Seed $799k 3 3 - - - 1.3k - - 1 - - -27 -2% 2.3 The LABZ 2015 Atlanta Seed $28k 1 5 - - 3 743 - - - - - - - 2.1 audiobridge 2016 Walnut Creek Seed $500k 1 - - - 2 475 - - 2 - - - - 2.1 Ojam 2016 Pune Unfunded - - - 5 - - 296 750 56 - 14 33% -4 -1% 1.8 Wavestack 2013 Hermosillo Seed - 1 - - - - 785 - - - - - -17 -2% 1.7 Getasound 2017 Bordeaux Funded - - 1 - - 3 177 - - - - - 18 11% 1.7 SwapBeats 2008 Minneapoli s Seed - 1 3 - - - 140 - - - - - -4 -3% 1.7 Looplabs 2000 Toronto Funded - - - - - 4 2.1k - - - - - -16 -1%

58. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Incubators FasterCapital (#1), Wayra (#1) Seed UK Government (#1), Ascension Ventures (#1) Series A/B GGV Capital (#1), Northzone (#1) Series C+ X5 Group Jun - 2016 Acq by Warner Music BandPage Feb - 2016 Acq by YouTube for $8M Series A DistroKid (2013, San Francisco) Series A DistroKid (2013, San Francisco) $15.5M - Series A Amuse (2016, Stockholm, $20M) $7M - Series A Vydia (2013, Freehold, $8.5M) $4.1M - Series A Amuse (2016, Stockholm, $20M) $4M - Series A Symphonic Distribution (2006, Wesley Chapel, $4M) $1.2M - Seed Blokur (2016, London, $1.2M) $93k - Angel Amuse (2016, Stockholm, $20M) $330k - Angel Amuse (2016, Stockholm, $20M) Seed DeliverMyTune (2015, Delhi) Jul 2019 UnitedMasters releases iPhone app for DIY cross-service music distribution, TechCrunch Jun 2019 Amuse Is Capable Of Offering $1m-plus Advances. What’s Its Long-term Game Plan?, Music Business Worldwide Jun 2019 Audible Magic Inks Global Partnership With DistroKid to Verify Music Authenticity, Business Wire Apr 2019 TuneCore Artists Hit Cash Record: $1.5 Billion in Revenue, PRWeb Feb 2019 SingularDTV rebrands as Breaker, launches distribution portal, Digital TV Europe Jan 2019 Breaker Launches Artist-Driven Entertainment App Powered by Blockchain, PR Newswire Dec 2018 Massive Attack test remix-rights tracking with blockchain startup Blokur, Music Ally Nov 2018 Vydia Ranked One Of The Fastest Growing Companies On Deloitte's 2018 Technology Fast 500, AiThority Nov 2018 Silversmith Capital Partners’ investment in DistroKid, Global Legal Chronicle Oct 2018 TuneCore Appoints Neil Bhay VP, Citybizlist Feb 2018 Video tech startup Vydia reels in $7 mln Series A, PE Hub Nov 2017 Music firm wins $4M investment, The Business Observer Oct 2017 TuneCore artists reach collective revenue of $1 billion , RAIN News Oct 2017 Universal Music Veteran Launches Ethereum IP Platform , Inside Bitcoins News 3 2 12 21 71 M&A/IPO Series C+ Series A+ Funded Companies Covered Funding Funnel Artist Support > Management Platforms > Distribution Channel Manager: Market Factsheet 59 Exits Most Active Investors Recent InvestmentsPlatforms which allow artists to manage distribution & royalties coming from music streaming/buying platforms TuneCore (2005, Brooklyn, $7M) UnitedMasters (2017, Brooklyn, $70M) Amuse (2016, Stockholm, $20M) X5 Group (2003, Stockholm, $11.8M) Official.fm (2011, Geneva, $8M) Top Companies #3 Top Markets of Investment Activity Music Tech > Market Details > Market: Distribution Channel Manager Companies Created 71 | Funded 21 | Total Funding $172M 0 5 10 $0k $50M $100M 2014 2015 2016 2017 2018 Predicted Funding YoY Funding Rounds Predicted Rounds YoY Funding and Rounds Market: Distribution Channel Manager

59. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201960 Artist Support > Management Platforms > Distribution Channel Manager: Top Companies Music Tech > Market Details > Market: Distribution Channel Manager #3 Top Markets of Investment Activity Market: Distribution Channel Manager Analyst’s Pick UnitedMasters (2017, Brooklyn, $70M) Music rights management & digital music distribution service provider Editor's Pick. Stage: Series A Alphabet, Andreessen Horowitz, Floodgate Fund, 21st Century Fox Amuse (2016, Stockholm, $20M) Online music distribution platform for indie artists Minicorn. Stage: Series A Lakestar, Raine Group, Jörg Mohaupt and 6 Other Investors X5 Group (2003, Stockholm, $11.8M) Digital music distribution & promotion enabler Minicorn. Stage: Acquired Northzone Official.fm (2011, Geneva, $8M) Online music distribution platform for artists and labels Minicorn. Stage: Series A BlueOcean Ventures, Fongit Seed Invest Analyst’s Pick TuneCore (2005, Brooklyn, $7M) Online platform for music distribution Editor's Pick. Stage: Acquired Opus Capital Breaker (2015, Zug) Blockchain based right management & distribution service provider for artists Editor's Pick. Stage: Unfunded TopHit (2003, Moscow) Online music distribution platform for artists Editor's Pick. Stage: Unfunded

60. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics 61 Artist Support > Management Platforms > Distribution Channel Manager: Leaderboard Music Tech > Market Details > Market: Distribution Channel Manager #3 Top Markets of Investment Activity Better than Market Average Market: Distribution Channel Manager Overall Rating Company Name Year Location Stage Funding ($M) Funding Rounds Team Rating Execution Quality Size Metrics 6M Growth Metrics App Rating App UI Web UI Social Followers Mobile Downloads Mobile Reviews News Mentions Mobile Reviews Social Followers Δ % Δ % 5.0 Amuse 2016 Stockholm Series A $20M 4 - 5 - 3 4.1k 300k 6k 3 4.5k 289% 1.1k 38% 4.6 DistroKid 2013 San Francisco Series A - 2 5 - - - 39.9k - - 5 - - 7.8k 24% 4.4 TuneCore 2005 Brooklyn Acquired $7M 1 4 4 3 - 122.7k 30k 107 9 37 53% 1.9k 2% 4.3 Vydia 2013 Freehold Series A $8.5M 3 3 - - - 5.4k - - 6 - - 151 3% 4.3 UnitedMaste rs 2017 Brooklyn Series A $70M 1 - - - 3 10.9k - - 3 - - 6.4k 140% 3.8 Symphonic Distribution 2006 Wesley Chapel Series A $4M 1 3 - - - 8.1k - - 7 - - 648 9% 3.5 BandPage 2009 San Francisco Acquired $27.5M 4 4 - - - 24.1k - - 5 - - -430 -2% 3.2 iMusician Digital 2007 Zurich Series A $2.1M 2 3 - - - 1.3k - - - - - 49 4% 3.2 Frekul 2011 Tokyo Seed - 1 3 3 - - 3k 30k 72 - - - 188 7% 2.9 X5 Group 2003 Stockholm Acquired $11.8M 3 3 - - - 581 - - 3 - - -11 -2% 2.8 SongCast 2010 Cuyahoga Falls Unfunded - - - 5 - - 5.7k 30k 281 - - - 95 2% 2.6 Ditto Music 2005 Liverpool Unfunded - - - - - - 31.7k - - 3 - - 4.2k 15% 2.5 Indiefy 2016 Guadalajara Funded - - - - 4 3 1.4k 750 - - - - 141 12% 2.5 Official.fm 2011 Geneva Series A $8M 1 3 - - - 6.3k - - 1 - - -108 -2%

61. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201962 #4 Top Markets of Investment Activity Music Tech > Market Details > Market: Retail Companies Created 144 | Funded 11 | Total Funding $83.2M Market: Retail

62. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201963 Music Tech > Market Details > Market: Retail #4 Top Markets of Investment Activity Market: Retail

63. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201964 Music Tech > Market Details > Market: Retail #4 Top Markets of Investment Activity Better than Market Average Market: Retail

64. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201965 #5 Top Markets of Investment Activity Music Tech > Market Details > Market: Karaoke Companies Created 42 | Funded 21 | Total Funding $245M Market: Karaoke

65. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201966 Music Tech > Market Details > Market: Karaoke #5 Top Markets of Investment Activity Market: Karaoke

66. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201967 Music Tech > Market Details > Market: Karaoke #5 Top Markets of Investment Activity Better than Market Average Market: Karaoke

67. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201968 #6 Top Markets of Investment Activity Music Tech > Market Details > Market: Marketplace Companies Created 87 | Funded 20 | Total Funding $34.7M Market: Marketplace

68. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201969 Music Tech > Market Details > Market: Marketplace #6 Top Markets of Investment Activity Market: Marketplace

69. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201970 Music Tech > Market Details > Market: Marketplace #6 Top Markets of Investment Activity Better than Market Average Market: Marketplace

70. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201971 #7 Top Markets of Investment Activity Music Tech > Market Details > Market: Social Sharing Companies Created 93 | Funded 32 | Total Funding $148M Market: Social Sharing

71. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201972 Music Tech > Market Details > Market: Social Sharing #7 Top Markets of Investment Activity Market: Social Sharing

72. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201973 Music Tech > Market Details > Market: Social Sharing #7 Top Markets of Investment Activity Better than Market Average Market: Social Sharing

73. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201974 #8 Top Markets of Investment Activity Music Tech > Market Details > Market: Global Companies Created 91 | Funded 25 | Total Funding $3.4B Market: Global

74. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201975 Music Tech > Market Details > Market: Global #8 Top Markets of Investment Activity Market: Global

75. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201976 Music Tech > Market Details > Market: Global #8 Top Markets of Investment Activity Better than Market Average Market: Global

76. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201977 #9 Top Markets of Investment Activity Music Tech > Market Details > Market: Music Creation Companies Created 6 | Funded 5 | Total Funding $10.9M Market: Music Creation

77. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201978 Music Tech > Market Details > Market: Music Creation #9 Top Markets of Investment Activity Market: Music Creation

78. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201979 Music Tech > Market Details > Market: Music Creation #9 Top Markets of Investment Activity Better than Market Average Market: Music Creation

79. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201980 #10 Top Markets of Investment Activity Music Tech > Market Details > Market: Indian Companies Created 17 | Funded 5 | Total Funding $350M Market: Indian

80. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201981 Music Tech > Market Details > Market: Indian #10 Top Markets of Investment Activity Market: Indian

81. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201982 Music Tech > Market Details > Market: Indian #10 Top Markets of Investment Activity Better than Market Average Market: Indian

82. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201983 #1 Other Notable Markets Music Tech > Market Details > Market: Royalty & Rights Management Companies Created 33 | Funded 9 | Total Funding $34.4M Market: Royalty & Rights Management

83. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201984 Music Tech > Market Details > Market: Royalty & Rights Management #1 Other Notable Markets Market: Royalty & Rights Management

84. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201985 Music Tech > Market Details > Market: Royalty & Rights Management #1 Other Notable Markets Better than Market Average Market: Royalty & Rights Management

85. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Public Companies Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 86 Notable Acquisitions Top Acquirers Acqui-hires

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87. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Public companies 88 List of Public Companies in Music Tech IPO Date Company IPO Mcap Exchange Ticker Apr 2018 Spotify (2006, Stockholm) On-demand music streaming platform NYSE:SPOT Jun 2014 7digital (2004, London) Media content provider for streaming sites $49.1M LON:7DIG Jan 2003 Genie Music (1991, Gangnam) Online Korean music streaming platform KOSDAQ:43610 Oct 2001 Soribada (2000, Seoul) Digital music store focused on Korean music KOSDAQ:53110 Bravio (2017, Castle Rock) Media network Cur Media (2009, South Glastonbury) Online radio music streaming and sharing platform Lyynks (2011, Burbank) Platform for music streaming from independent artists A8 Digital Music (2000, Hong Kong) China-based music distribution platform Music Tech > Exit Outlook > Public Companies

88. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Notable Acquisitions (1/3) 89 Notable Acquisitions in Music Tech Music Tech > Exit Outlook > Notable Acquisitions Acq. Date Company Acquirer Deal Size Apr 2019 Audio Network (2001, London) Production music & sound recording library Entertainment One $215M Sep 2018 Pandora (2000, Webster) Personalized internet radio streaming platform Sirius XM $3.5B Mar 2018 Saavn (2007, Mumbai) Music streaming platform for on-demand music Reliance Industries $104M Jan 2018 Slacker (2006, San Diego) Online personalized radio streaming platform LiveXLive $50M Dec 2017 Shazam (1999, London) Music identification platform Apple $400M Nov 2017 musical.ly (2013, San Francisco) Online musical video creation and sharing app Bytedance Apr 2017 Mood Media (2004, Austin) In-store music solution provider for business owners Apollo Global Management $645M Aug 2016 StarMaker (2010, San Francisco) Music creation platform for amateurs Feb 2016 BandPage (2009, San Francisco) Online music distribution platform for artists YouTube $8M Nov 2015 Rdio (2008, San Francisco) On-demand music streaming service provider Pandora $75M

89. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Notable Acquisitions (2/3) 90 Notable Acquisitions in Music Tech Music Tech > Exit Outlook > Notable Acquisitions Acq. Date Company Acquirer Deal Size Apr 2015 TuneIn (2002, San Francisco) Online broadcast radio channel aggregator Bauer Media Apr 2015 TouchTunes (1998, New York City) Digital jukebox and karaoke provider for venues Searchlight Capital Feb 2015 Tidal (2014, Boston) Subscription based online music streaming platform Jay-Z $56M May 2014 Beats Music (2013, San Francisco) On-demand music streaming platform Apple $3.2B Mar 2014 The Echo Nest (2005, Somerville) Music intelligence & data platform Spotify Jul 2012 MOG (2005, Berkeley) Subscription-based music streaming platform Beats Electronics Jun 2011 Myspace (2003, Los Angeles) On-demand music streaming and content sharing platform Specific Media $35M Dec 2010 KKBox (2004, Taipei) On-demand music streaming platform KDDI Dec 2009 Lala (2005, Palo Alto) Online music streaming and discovery platform Apple Nov 2009 Imeem (2004, San Francisco) Social network for discovery and sharing music Myspace $1M

90. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Notable Acquisitions (3/3) 91 Notable Acquisitions in Music Tech Music Tech > Exit Outlook > Notable Acquisitions Acq. Date Company Acquirer Deal Size Jun 2008 Ruckus (1996, Santa Monica) Ad-supported music streaming platform for campuses totalmusicgroup.net Mar 2008 GrooveMobile (2004, Woodbury) Peer-to-peer music streaming platform Livewire Mobile $14.5M May 2007 Last.fm (2002, London) Online music database, music recommendation and social network cbsinteractive.com $280M Apr 2003 Rocket Network (1994, San Francisco) Platform that enables audio professionals to collaborate online Avid Technology Feb 2003 Listen (1998, Seattle) Platform for customized music & status messages to callers RealNetworks $36M May 2001 MP3.com (1997, San Francisco) Online music streaming platform for indie artists Vivendi $372M Nov 1999 Tunes Store (1997, Chicago) Online music store eMusic $130M

92. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Acqui-hires 93 List of Acqui-hires in Music Tech Excludes all details for Chinese companies Date Target Oct-14 Listn Acq by Beatport Mar-14 Dhingana Music Acq by Rdio Jan-11 Bluetunes.net Acq by MiMedia Music Tech > Exit Outlook > Acqui-hires View all 3 Acqui-hired companies on Tracxn Platform

93. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 94 Details on VC & PE Investors Seed Stage Early Stage Late Stage Details on Top Ecosystem Players

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95. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 201996 Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE) Music Tech > Investors > Index of Most Active VC & PE Investors Index of Top Investors (VC, PE) by Stage in Music Tech; Last 5 years (Jul 2014 - Jun 2019) Index of Most Active VC & PE Investors SEED STAGE Ascension Ventures (4 Investments) Foundry Group (2 Investments) Wavemaker Partners (2 Investments) Ascension Ventures (2 Investments) London Co-Investment Fund (2 Investments) Frontier Venture Capital (2 Investments) Lightspeed Venture Partners General Catalyst Partners Upfront Ventures Seventure Partners Sierra Ventures Business Finland Growth Fund Horizons Ventures DN Capital EARLY STAGE Real Ventures (2 Investments) Raine Group (2 Investments) Plus Eight Equity (2 Investments) DFJ Andreessen Horowitz Charles River Ventures SV Angel GGV Capital Northzone Industrifonden Flybridge Capital Partners Btov Floodgate Fund BlueRun Ventures Creandum LATE STAGE Greylock Partners Battery Ventures Temasek Union Square Ventures Balderton Capital Industrifonden Octopus Ventures Comcast Ventures DCM Ventures GSV Capital Founders Circle Capital The D E Shaw Kleiner Perkins Qiming Venture Partners GIC

96. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Ascension Ventures 97 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Ascension Ventures Investments [Editor's Pick] CloudBounce (2015, Tampere, $251k, Seed) Online platform for music mastering Music Tech Notable Portfolio [Soonicorn] Phreesia (2005, New York City, $109M, Series F) Patient check in platform for Health care Organisations [Soonicorn] Syapse (2008, Palo Alto, $89.6M, Series D) Molecular profiling platform for diagnosing and treating patients [Minicorn] Wagestream (2018, London, $24.9M, Series A) On-demand payroll for employees [Minicorn] WeGift (2015, London, $5.4M, Series A) Provider of gift card solutions [Minicorn] Feast It (2016, London, $3.5M, Seed) Online marketplace for booking caterers at corporate events [Minicorn] GetAgent (2014, London, $3.4M, Seed) Marketplace for brokers in the UK. [Minicorn] Credit Kudos (2015, London, $3M, Seed) Credit scoring using consumer transaction data [Minicorn] Sentisum (2015, San Francisco, $699k, Seed) Customer review analytics [Editor's Pick] A Million Ads (2015, London, $3M, Seed) A dynamic creative optimization tool for audio ads [Editor's Pick] Hazy (2017, London, $2.8M, Seed) Secure data sharing and management [Editor's Pick] Monolith (2018, Kensington, $2.4M, Seed) Cloud-based AI platform developing simulations and machine learning software Other Notable Portfolio Top Exits Recent News on Fund & Portfolio Geographical Spread Stage of Entry May 2019 Cd Baby Partners With Mastering Service Cloudbounce, Music Business Worldwide Dec 2018 Massive Attack test remix-rights tracking with blockchain startup Blokur, Music Ally Oct 2017 Universal Music Veteran Launches Ethereum IP Platform , Inside Bitcoins Jan 2017 CloudBounce masters anyone’s music, GoodNewsfromFinland Jan 2017 Finnish CloudBounce raises seed round, ArcticStartup Jan 2017 Ascension Ventures invests in audio-processing startup CloudBounce, UK Business Angels Association None 1 1 2014 2015 2016 2017 2018 2019 Follow On New Investments 1 - - - 4 Undisclosed Series C+ Series B Series A Seed3 2 - - - Europe US

97. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Foundry Group 98 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Foundry Group Investments [Unicorn] Zynga (2007, San Francisco, $707M, Public) Casual games developer and publisher for mobile and web platforms [Unicorn] AvidXchange (2000, Charlotte, $574M, Series F) Accounts payable and payment automation solutions [Unicorn] AppDirect (2009, San Francisco, $246M, Series E) White-labeled marketplace for selling cloud-based applications [Unicorn] Fitbit (2007, San Francisco, $65M, Public) Wireless wearable sensors to track person's activities. [Soonicorn] Rover (2011, Seattle, $310M, Series G) Online Pet Sitting Marketplace [Soonicorn] Mapbox (2010, Washington D.C., $228M, Series C) Tools provider for building custom maps [Soonicorn] 3D Robotics (2009, Berkeley, $152M, Series D) Develops both consumer and commercial drones & autopilot systems [Soonicorn] Xometry (2013, Gaithersburg, $118M, Series D) Online manufacturer of industrial supplies [Soonicorn] Oblong (2006, Los Angeles, $113M, Series C) Conference room tele collaboration system developer [Soonicorn] Sphero (2010, Boulder, $108M, Series D) Smartphone controlled robotic gaming toy for kids [Soonicorn] Formlabs (2011, Somerville, $104M, Series D) High-resolution desktop 3D printing [Soonicorn] Pantheon (2002, Arlington, $100M, Series D) Provider of managed IT services [Soonicorn] Urban Airship (2009, Portland, $92.6M, Series F) Marketing Automation and Audience Engagement For Mobile Apps Other Notable Portfolio Top Exits Recent News on Fund & Portfolio Geographical Spread Stage of Entry Jun 2019 Music Talent Marketplace Soundbetter Launches Licensing Service, Tracks, Music Business Worldwide Jan 2019 Amper Music Launches First AI Music Composition Platform for Enterprise Content Creators, GlobeNewswire Oct 2018 Production talent platform SoundBetter has paid $12M to its users in the last 18 months, Music Business Worldwide Mar 2018 Amper Music Raises $4M to Fuel Growth of Artificial Intelligence Music Composition Technology, DirectorsTalk Interviews Mar 2017 Amper Music raises $4 million to jazz up AI, VentureBeat Jul 2016 CounterCraft bags $1.1M to fire up a security decoy play, TechCrunch Topspin Media (2007, Burbank) Acq by Beats Music - Mar 2014 11 1 2014 2015 2016 2017 2018 2019 Follow On New Investments 1 - 1 - 2 Undisclosed Series C+ Series B Series A Seed4 - - - - US

98. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Frontier Venture Capital 99 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Frontier Venture Capital People Investments [Unicorn] Niantic (2010, San Francisco, $473M, Series C) Mobile game developer [Soonicorn] Shift Technologies (2013, San Francisco, $223M, Series D) Online marketplace for buying and selling of used cars [Soonicorn] Prolacta Bioscience (1999, Los Angeles, $93.7M, Series D) Human milk fortifier supplement products for premature infants [Soonicorn] NinthDecimal (2003, San Francisco, $65.2M, Series E) Mobile audience intelligence platform [Minicorn] Synthetic Genomics (2005, La Jolla, $40M, Series B) Provides a variety of synthetic genomic solutions. [Minicorn] Misty Robotics (2017, Boulder, $22.9M, Series A) Developing personal robots for home and offices [Minicorn] DailyPay (2015, New York City, $16M, Series B) Provides employees access to pay after every active work hour [Minicorn] Notion (2013, Denver, $15.2M, Series A) Sensors for home monitoring [Minicorn] WhiteFox Defense Technologies (2012, San Luis Obispo, $14.8M, Series A) Develops counter-drone systems for mobile and fixed assets [Minicorn] Lucid Sight (2015, Los Angeles, $11.4M, Series A) Virtual reality game development studio [Minicorn] Able Lending (2014, Austin, $11M, Series A) Collaborative lending platform for small businesses [Minicorn] GameSalad (2007, Austin, $7.4M, Series A) Game development software provider for non-programmers Other Notable Portfolio Top Exits Recent News on Fund & Portfolio Scott Lenet Co-Founder & Managing Partner David Cremin Co-Founder & Managing Partner Geographical Spread Stage of Entry Dec 2017 Fast-growing startup HAAWK buys TuneRegistry and RoyaltyClaim, Music Business Worldwide Sep 2017 Rights management and content monetization company HAAWK raises $2.5 million, technewstitan.com Dec 2014 Zealot Networks Acquires Stake In AudioMicro (AdRev) - DH Capital, DH Capital Jan 2012 Gobbler raises $1.75m for cloud service for creators, Music Ally AudioMicro (2007, Sherman Oaks) Acq by Zealot Networks - Dec 2014 1 1 2014 2015 2016 2017 2018 2019 Follow On New Investments 3 - - - 2 Undisclosed Series C+ Series B Series A Seed5 - - - - US

99. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 General Catalyst Partners 100 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > General Catalyst Partners

109. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Charles River Ventures 110 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Charles River Ventures

114. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Flybridge Capital Partners 115 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Flybridge Capital Partners

122. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Union Square Ventures 123 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Union Square Ventures

128. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Founders Circle Capital 129 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Founders Circle Capital

131. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Qiming Venture Partners 132 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Qiming Venture Partners

133. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Contents Feed Summary Investment Trend Market Details Exit Outlook Investors News Appendix 134 Details on VC & PE Investors Details on Top Ecosystem Players Incubators Other Notable Investors Debt Investors

134. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019135 Music Tech > Investors > Index of Ecosystem Investors Index of Top Ecosystem Investors in Music Tech; Q3 2014 - Q2 2019 Index of Ecosystem Investors INCUBATOR Techstars (9 Investments) 500 Startups (8 Investments) Wayra (8 Investments) MassChallenge (7 Investments) Startupbootcamp (4 Investments) FasterCapital (3 Investments) LeanSquare (3 Investments) NDRC (2 Investments) Y Combinator Brand Capital SOSV Ben Franklin Technology Partners Startup Sauna 7 Percent Start-Up Chile OTHER NOTABLE INVESTORS Tencent (4 Investments) WndrCo (3 Investments) Tech Coast Angels (2 Investments) GP Bullhound (2 Investments) Orange (2 Investments) Warner Music (2 Investments) Brookside Mezzanine Partners (2 Investments) Carnegie Mellon University (2 Investments) Senvest Capital (2 Investments) Spotify (2 Investments) TeliaSonera (2 Investments) Three Six Zero Group (2 Investments) Goldman Sachs Wells Fargo UK Government DEBT INVESTORS Pinnacle Ventures (2 Investments) The FSE Group (2 Investments) Silicon Valley Bank KKR Macquarie Group Kreos Capital TPG Adams Street Partners Solar Capital Ares Capital Corporation

135. Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Music Tech - Jul 2019 Techstars 136 Portfolio in Music Tech | Exits | Funds Link | Website | LinkedIn | Twitter Music Tech > Investors > Techstars People Investments [Editor's Pick] Pacemaker (2012, Stockholm, $3.1M, Seed) Music mixing and sharing app Music Tech Notable Portfolio [Unicorn] Zipline (2014, San Francisco, $251M, Series D) Delivery drones for medicine and vaccine delivery [Unicorn] Twilio (2007, San Francisco, $240M, Public) Cloud Communications API provider [Unicorn] Outreach (2013, Seattle, $239M, Series E) SaaS based Lead Engagement Tools [Soonicorn] Remitly (2011, Seattle, $350M, Series E) Cross-border money transfer using banking networks. [Soonicorn] ClassPass (2011, New York City, $240M, Series D) Membership programs for fitness classes across multiple gyms [Soonicorn] DataRobot (2012, Boston, $225M, Series D) Automated machine learning platform for data science applications [Soonicorn] SalesLoft (2011, Atlanta, $147M, Series D) Sales Prospecting and email engagement tool [Soonicorn] Leanplum (2012, San Francisco, $145M, Series D) Mobile A/B testing, personalization & analytics platform [Soonicorn] Degreed (2012, San Francisco, $134M, Series C) e-Portfolio assessment [Soonicorn] DigitalOcean (2011, New York City, $134M, Series B) Cloud computing platform to build, deploy and scale cloud applications [Soonicorn] Wynd (2013, Paris, $127M, Series C) Provider of cloud-based PoS solution for the restaurants, hospitality and retail industries Other Notable Portfolio Top Exits Recent News on Fund & Portfolio David Cohen Co-Founder & Co-CEO Brad Feld Co-Founder David Brown Founder & Co-CEO David Cohen Founder & Co-CEO Geographical Spread Stage of Entry Jan 2019 Amper Music Launches First AI Music Composition Platform for Enterprise Content Creators, GlobeNewswire Dec 2018 Blockchain firm JAAK makes key hires ahead of first product launch in 2019, Music Business Worldwide Dec 2018 Background Music Market Demand & Supply Dynamics, Industry Processes & Cost Structures with Key Vendors: Ambie Music, Auracle Sound, Brandtrack, Custom Channels, C-Burn,, Digital Journal May 2018 Global music rights database pilot launched with top music companies, Music Business Worldwide Mar 2018 Amper Music Raises $4M to Fuel Growth of Artificial Intelligence Music Composition Technology, DirectorsTalk Interviews Jul 2017 Swedish DJ app Pacemaker raises $1 million, Tech.eu Mar 2017 Amper Music raises $4 million to jazz up AI, VentureBeat Jan 2012 Murfie raises $1.4m to rip CDs and sell the downloads | Music Ally, Music Ally None 1 4 1 2014 2015 2016 2017 2018 2019 Follow On New Investments 3 - - - 8 Undisclosed Series C+ Series B Series A Seed8 3 - - - US Europe

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