Explorer1 Music buys crowdfunding platform Music Benefactors

Los Angeles-based Explorer1 Music Group (EX1) has acquired SEC-registered crowdfunding platform Music Benefactors.

EX1 plans to relaunch Music benefactors as a new technology and marketing platform.

Music Benefactors was founded by President, Matt Lutz, who was a Managing Partner for over 5 years at Allegheny Exchange, an online marketplace for alternative investments, and for 11 years at Tarpon Bay Co.

The latter company, which he also founded, focused on providing long-term financing of single-family rental properties, and providing capital to cities and school districts in the Greater Pittsburgh Area. , according to him LinkedIn Page.

Lutz told the media V13 In an interview last year, Music Benefactors’ goal was to “turn ordinary music fans into music investors”.

“The music industry is dominated by big labels… We want artists to maintain ownership of their primary recordings and copyrights.”

Matt Lutz, Music Philanthropist

Music Benefactors is a platform to invest in an artist’s career, tours, albums or new projects. This way, fans can become part owners of the content and content created by the artist.

“By participating in this asset class, music fans can change the music industry. The music industry is dominated by major labels… We want artists to maintain ownership of their master recordings and copyrights. Fans and investors provide the capital needed to produce and market the music,” Lutz told V13.

Since its inception, Music Benefactors has provided community sourcing platforms for activities such as The Dead in Latinand Californian musician Khalil.

The company is currently operating community sourcing for the all-female violin rock band The Violution and country artist, Karen Waldrup, whose latest album, Kendall . County Roadwas released on September 9.

By supporting artists performing on the platform, investors receive a portion of royalties every time the artist’s music is played and a portion of the income and profits from the artist’s tours and albums. .

Speaking of the acquisition, Lutz said: “I am very proud that EX1 has realized the value in this business and the platform that I have spent years developing… The visionary approach of them in testing and marketing each product which I believe is a breath of fresh air in crowdfunding and will give the Music Sponsors an edge when it comes to financial success for them. artists and music projects. “

EX1 says partnering with Music Benefactors will allow them to add a crowdfunding platform to their business portfolio and create a new source of potential artists for the Grammy-nominated EX1 Records. .

The label is behind artists such as American rock band Mammoth WVH, led by Wolfgang Van Halen, son of renowned guitarist Eddie Van Halen; KK’s Priest, British Lion, The Raven Age, Voodoo Six and British singer-songwriter Matt Goss.

“With Music Benefactors, we can now give them the platform to raise the funds they need to take their careers to the next level, while opening the door to a deeper relationship that can could see them working with EX1 in the future.”

Paul Woolnough, Explorer1 Band

EX1 founder and CEO Paul Woolnough added: “Since the launch of EX1’s artist collaboration model in 2019, we’ve been constantly approached by musicians and performers. and amazingly talented artists that we wanted to support, but were not financially or creatively right for our comprehensive partnership Paul Woolnough, founder and CEO of Explorer1 Music Group, said.

“With Music Benefactors, we can now give them the platform to raise the funds they need to take their careers to the next level, while opening the door to a deeper relationship that can could see them working with EX1 in the future.”Worldwide music business