Music technology company, Jaxsta (ASX: JXT), have today announced the launch of their first revenue generating product, Jaxsta Pro (beta version).
Jaxsta Pro, the monthly subscription-based platform, will be aimed at professionals in the music industry and allow them to manage their online profiles, access market insights, and receive music chart alerts, among other features The company appears to be enticing market adoption of the new product, with an initial 30-day free trial, followed by a subscription cost of US$15 per month or an upfront cost of US$130 per year .
CEO and Co-Founder, Jacqui Louez Schoorl, said “The launch of Jaxsta ProBeta is a significant achievement for the Company and represents the delivery of our first revenue-generating product to market. The initial suite of features in the beta version of Jaxsta Pro are specifically designed to deliver the ultimate user experience and the best value for our target audience of music industry professionals. We believe these tools will be of great benefit to creatives worldwide, whether they be a music producer, record label or artist manager.”
The company currently offer a free platform where artists, engineers, songwriters, and producers receive recognition for their contributions. On a user level, the technology allows users to search, share, and create alerts for a specific songwriter or engineer’s work.
The company is not finished building the Pro model just yet, with plans to incorporate an additional commercial feature to be branded ‘Musical Works’. The feature would aim to simplify the processes involved in obtaining the rights to use music in ads, suggesting the platform may not only be useful for music professionals in the future.
It has been a big year for the Sydney-based small cap, signing a data partner agreement with Warner Music Inc. and Universal Music Group in March earlier this year. The deal saw shares during the month surge as high as $0.26, a 60% increase on the price earlier in the same month. The data agreements allow Jaxsta to access the companies music data for incorporation into their platform. Jaxsta’s current loaded data partners account for 80% of the industry market share with a further 10% currently loading, sitting at 100 million credits, from 19 million recordings.
The market responded well to this morning’s announcement with shares spiking to an intra-day high of $0.28, approximately 11% higher than yesterday’s close.