LOS ANGELES--(BUSINESS WIRE)--Soundtrack Your Brand, the pioneer and market leader in digital music streaming for businesses, has named Lisa Farris Chief Marketing Officer, reporting directly to founder and CEO Ola Sars. In this capacity, Farris will oversee the global marketing function, as Soundtrack continues to unlock new revenue for artists and rights holders while helping businesses strengthen relationships with customers through music. Previously, Farris served as the Chief Marketing and Innovation Officer for the Recording Academy | GRAMMYs, leading the evolution of the organization's marketing, insights, and innovation that are reflective of the changes in music and its creators. Farris brings extensive experience in leveraging technology to transform how brands, music and audiences engage.
MRC Nielsen estimates that approximately 80 percent of U.S. businesses are using consumer music streaming services illicitly, representing a lost value of more than $10 billion annually for the U.S. music industry, according to a new study commissioned in Q4 2021. Soundtrack Your Brand, the world’s fastest growing B2B music platform providing “background music” to stores, restaurants, bars, hotels, spas, and more, delivers the flexibility of music-streaming technology to brands and businesses for an improved user and consumer experience. Soundtrack’s model is based on full song trackability, offering artists and songwriters usage-based compensation and clear accountability when their music is played in business and public environments.
“I’m thrilled to join Soundtrack Your Brand, working closely with Ola and the executive team, to unlock greater value for music creators and businesses so that they can leverage the power of music to enhance customer experiences and increase sales,” said Farris. “Soundtrack’s incomparable on-demand music streaming offering licensed for business use, not only captures lost income for artists, but delivers the finest background music experience for global brands and businesses of all sizes.”
Farris’ transformational brand and marketing background includes executive positions at MetricVision, Move, Inc./Realtor.com, Universal Music Group's eLabs and MCA Records, as well as founder of Get This, a technology that leveraged audio recognition to shop television and video entertainment. With Soundtrack, she will be focused on the global market potential of music for business. The global music industry is expected to double in value during this decade from $70 billion to $140 billion, according to Goldman Sachs Equity Research. The global opportunity for growth in music for business streaming is estimated at $40-$50 billion annually, with $20 billion in the U.S. alone.
Every year, US consumers make more than 90 billion visits to businesses, according to MRC Data’s 2021 Background Music: The Untapped Promotional Avenue for Music Report. During those visits, 79 percent of consumers actually notice the music being played, and 73 percent take action to seek out the music that they like, presenting a huge untapped promotional opportunity for music. In 2020, Soundtrack Your Brand launched Soundtrack Unlimited, the world's first on-demand music for business streaming offering, featuring more than 58 million tracks. Soundtrack Unlimited has successfully been marketed at $50 per month, per subscription, unlocking 5-10X more value than consumer streaming services, proving there are tangible opportunities to increase the value and pricing in commercial music streaming.
“Movie theaters aren’t using Netflix to show films, sports bars aren’t using private accounts to show high priced fights and games, why should the music industry be any different? Why shouldn't music creators and rights holders be fairly compensated when their music is played in commercial environments?” said Ola Sars, Founder, CEO and Chairman of Soundtrack Your Brand.
Soundtrack Your Brand provides a streamlined, easy-to-use, compliant, on-demand service for businesses, most of which already play music in their establishments and understand the value of music. The music for business market provides a new incremental revenue stream for labels, publishers, artists and composers. For more information, please visit www.soundtrackyourbrand.com.
About Soundtrack Your Brand
Soundtrack Your Brand helps thousands of businesses strengthen relationships with customers through music. By combining expert curation and world-class tech, Soundtrack Your Brand provides a beautiful all-in-one solution for streaming music to stores, hotels, restaurants, and other commercial settings. Founded in 2013 by Ola Sars as a joint effort with Spotify, Soundtrack Your Brand is the world’s fastest-growing B2B music streaming service, working with iconic brands such as McDonald’s, Lululemon, J Crew, Uniqlo, Joe & The Juice, Aesop, W Hotels. More at www.soundtrackyourbrand.com.
