Genius Media, the widely used lyrics-database company formerly known as Rap Genius, has acquired app and internet media holding company Medialab for 800 million.
Genius has confirmed a deal to sell the company to Medialab. “Medialab’s commitment to investing in a community led by artists and fans makes them ideal partners,” Genius said in a statement. Diversity. “Without the tireless efforts of our entire team, there will be no talent. We are infinitely grateful to everyone who created Genius today. ”
With the acquisition, Medialab is laying off Genius, according to Bloomberg, which reported the first sale. Genius and Medialab will not confirm how many workers are being pink-slipped.
Medialab said in a statement, “We are restructuring the way Genius produces the original content and as part of that some very talented people from the content and production team have been released.” “The scale of the community platform has attracted our genius, and it is here that we will invest heavily in the future, with a renewed focus on emerging artists.”
According to Crunchbase, the Brooklyn-based Genius Funding raised 7 7 million. Its investors include Andresen Horowitz, Quicken Lones, Dan Gilbert, owner of the Cleveland Cavaliers, and artists Eminem, Nass and Farrell Williams.
According to a Bloomberg report, Genius Media’s obligation to preferred shareholders has exceeded বিক 800 million in sales value, so “investors will not be paid in full.”
Medialab claims on its website that it has more than 80 million monthly active users in its Internet brand and app portfolio. The company’s holdings include Kick, Whisper, Datpiff, Worldstar hip hop and Amino.
Founded in 2009 – originally known as Rap Rap Genius – Genius operates an extensive database of songwriting as well as creating core content whose main series is “Verified”. In addition, Genius empowered Spotify’s “Behind the Lyrics” feature and struck a deal with Apple Music to integrate the song.
In the summer of 2020, it launched Genius Live, an interactive live streaming platform that hosts live concerts and artist performances. Genius claims more than 100 million users worldwide and 2 million contributors to its lyrics database.
Towards the end of late 201, Genius filed a lawsuit against Google and LyricFind, alleging that the companies had stolen songs composed by Genius. The case was dismissed last year by a federal judge, who ruled that Genius did not stand to sue because it did not own the rights to the original song.