Praxis invests $170m in Korea's Beyond Music
Korean private equity firm Praxis Capital has led a USD 170m investment in local music rights investment and management company Beyond Music.
The round also included participation from unidentified institutional investors, described as among the largest in Asia. It brings total funding since the company’s inception in 2021 to about USD 400m, including a USD 38m round last November featuring Alpha Asset Management, Bass Investment, Murex Partners, and SV Investment.
Beyond Music positions itself as a global operator, although all of its confirmed investors to date hav been Korea-based, according to AVCJ Research. Murex and SV joined KB Investment and Maven Growth Partners in a USD 14.3m round in January last year. Earlier investors include P&J Investment and Spring Camp, a VC firm controlled by Korean internet giant Naver.
“Praxis Capital is well known for its successful track record in the content industry, and brings to the table not just capital, but “smart capital” that delivers insight and shared vision,” Beyond Music CEO Jangwon Lee said in a statement.
“Home to all-time hits comparable to the Bon Jovis, Led Zepplins and Whitney Houstons of Asia, Beyond Music has already established itself as the region’s market leader with the deepest pockets, quantitative disciplines and proven value-up records.”
Lee is a serial entrepreneur who previously founded a music platform company and KT Park, a music platform that integrates elements of virtual reality such as a 360-degree concert stage view.
Beyond Music claims to be the largest and most active capital provider within the Asian music industry with a catalogue of more than 27,000 songs.
The company said it would use the latest capital infusion to acquire the rights to “evergreen” songs and strengthen its deal-closing ability with rights holders. Much of the strategy revolves around extracting additional value from past hits through remakes, performance marketing, and industry partnerships.
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