Liquidated Manchester music platform snapped up by US record label

An American record label has acquired the brand and assets of Beatroot Music, the Manchester-based online music platform, after it ceased trading last year.

Made in Memphis Entertainment, founded by songwriter and producer David Porter, paid an undisclosed sum for Beatroot’s intellectual property and other assets.

The sale included the company’s brand, software, source code, trademark rights, website, domain name and database.

As part of the deal, lead Beatroot developer Ancor Cruz joined the Made in Memphis team.

Founded in 2015, Beatroot Music operated an online platform that enabled record labels and publishers to pull together their music catalogue, audio files, album artwork, metadata and rights data into one place, to share with clients, streaming services and music stores.

The company fell into liquidation in December.

Steven Wiseglass, from insolvency practice Inquesta, was the appointed liquidator. Intellectual property (IP) valuation firm Metis Partners was tasked with supporting the marketing and sale of Beatroot’s IP assets.

Steven said: “We received four offers for the assets and are pleased to secure their sale to Made in Memphis Entertainment.

“The outcome will ensure a return for creditors on their claims.”

Metis Partners director Stephen Robertson commented: “We are delighted with the outcome of this assignment, particularly with so much international interest in Beatroot Music’s unique software.

“A great outcome was achieved with a US buyer of the IP assets leading to the re- employment of a key developer, clearly demonstrating the ability of IP assets to be quickly recycled to breathe life into a new business.”

Tony Alexander, president and managing director at Made in Memphis Entertainment, said: “The acquisition of Beatroot furthers our objective of building the premier platform for digital distribution, music publishing, label services and rights management for independent artists and labels.

“We are committed to our technology strategy and plan to continue to make strategic investments going forward.”

Speaking further, Tony said Beatroot will serve as an “integral piece” of Made in Memphis’ strategy.

He continued: “To that end, we are pleased that our vision for the future was instrumental in convincing the lead developer to turn down attractive offers in order to join our team and build on the wonderful work that was already completed prior to our acquisition of these assets.”