Madrid, November 22, 2021. BMAT, a technological leader in the music industry, is increasing its business volume through the acquisition of a company in Washington, USA, with the support of COFIDES. 

To this end, COFIDES has granted a joint venture loan under the FONPYME worth 400,000 euros. Total investment in the project is 591,500 euros. The US company acquired by BMAT specialises in monitoring music and assisting rights holders in the collection of their royalties.

According to the latest report from the Recording Industry Association of America, the US music industry generated 12.153 billion dollars in revenue in 2020, up 9.3% from the previous year. The industry has also compensated for the cancellation of live events due to the pandemic with an increase in streaming subscriptions.

Since 2019, COFIDES has backed BMAT in its international expansion in the USA, Argentina and Japan.

The COFIDES Chairman and CEO, José Luis Curbelo, said that "it is very gratifying to be able to support SMEs in their projects abroad and contribute to their growth and the consolidation of their business".  He also pointed out that, with this investment, "we are fulfilling the objectives of our current Strategic Plan as regards investing in new technology sectors".

BMAT's COO, Jaume Vintró Bonet, explained: "the acquisition of Manage Ad Music, a US company, is of strategic importance for BMAT as it grows our presence in the United States, the largest market in the world in terms of music rights, and gives us expertise that we did not previously have in an area which we want to focus on. Prior to the acquisition, BMAT was an MAM supplier, so we are looking at vertical integration and expanding the range of services we provide for our clients. We are very pleased with the relationship we have developed with COFIDES over the last few years and that they can support us at such an important juncture for BMAT's international growth".

PROJECT ALIGNED WITH SDG 8

The BMAT project contributes significantly to the achievement of Sustainable Development Goal 8 (Decent Work and Economic Growth), as it supports the creation of quality direct and indirect employment, entrepreneurship, creativity and innovation. Through the software provided by the company, music broadcast on radio, television and the internet is registered and identified, facilitating the assignment of ownership rights, and artists can see their work fairly rewarded.

ABOUT BMAT

BMAT is the music industry's Operating System, a music innovation company whose mission is to index all music usage and ownership data. It helps all companies in the music industry to ensure that artists receive fair remuneration for plays. It provides 27 billion IDs each day to collecting societies, publishers, labels, broadcasters and digital sales platforms around the world.

ABOUT COFIDES

COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).