Jem Aswad Senior Music EditorMusic technology company VNUE has announced that it is acquiring livestreaming platform StageIt in a deal that it says will add over $9 million in revenue and access to thousands of performers and creators.
The deal brings fans and technology to VNUE’s portfolio, in addition to boosting the company’s Soundstr platform with Music Recognition Technology.The companies expect to close within 60 days, pending the completion of diligence and the required financial audit.
Stageit will become a wholly-owned subsidiary of VNUE. Further terms of the deal were not disclosed.According to the announcement, StageIt, launched by Evan Lowenstein in 2010, hosted 6,280 shows in 2020 and paid out over $7 million to artists.
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