Media - Wednesday, June 20, 2007
Getty Images Pays $42M For PumpAudio
This is an odd sounding deal. Getty Images is buying Pump Audio for $42M. Pump Audio is a Tivoli, NY-based digital agent for independent musicians - it licenses music for use in advertising campaigns and films. The deal sounds odd just because Getty has been so focussed on image rights and is now getting into music rights, which is a totally different crowd.
Pump Audio operates an online repository of pre-cleared, pre-priced music featuring independent and unsigned artists. Ad agencies can then browse through the 700K tracks and license songs.
Pump Audio raised a $2.5M Series A round in early 2006 from by Greycroft Partners, High Peaks Venture Partners, and Village Ventures. Pump Audio charges range from $5 per song for a podcast license to $50K for a nationwide ad campaign.
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