Music Analytics Firm Semetric Gets £3m

Semetric, the firm behind digital music analytics platform Musicmetric, has raised £3m ($4.7m) in new financing from two backers, and says it will use the funds to expand into new sectors.

Musicmetric, which is the trading name for Semetric's music analytics products, has offices in London, UK and Los Angeles, US from which it tracks online trends in music and makes this data available to those working in the music industry. This data covers activity on social media, mentions and sentiment on news and blogs, and sales and file sharing activity on the BitTorrent network.

Last year, Musicmetric published the Digital Music Index, an in-depth report on the digital music landscape. Then in partnership with the BBC, it developed an app through which fans can find the artist with the highest BitTorrent downloads locally by UK postal areas. Currently, Musicmetric is working with NME magazine to develop real-time analytics for the forthcoming NME Awards in London next month.

The company's latest investment comes from Imperial Innovations Group and existing investor Pentech Ventures, and follows previous investments totalling £1.7m ($2.7m).

CEO and co-founder Gregory Mead (pictured) comments: 'As the entertainment sector continues its shift towards the digital sphere, understanding consumer trends, what drives revenues and being able to benchmark real-time performance will become vital. This new investment will allow us to firmly establish Semetric across Europe and America.'

Web site: www.semetric.com and www.musicmetric.com .