Chapter Two
Chapter Two is a Stockholm-based company that has built Baltazar, an AI-powered music royalty analytics platform that normalizes fragmented earnings data for music funds, investment banks, and creators. The platform processes €100M of music earnings weekly.
- Company typePrivate
- Founded-
- HeadquartersStockholm, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Chapter Two does
Chapter Two (legal entity C2 Music & Technologies, ORG.NR 559341-5317) is a Stockholm-headquartered company founded in 2021 that has built Baltazar, an AI-powered analytics platform for music royalty data. The platform normalizes and enriches fragmented royalty earnings data from multiple providers, enabling rights holders, investors, and financial institutions to analyze earnings by sales type, source, distributor, and song. The system processes approximately €100M of music earnings weekly, and supports batch ingestion of royalty statements in CSV and TXT formats, with normalized data exportable in CSV, XLSX, and Parquet.
The company's technology stack centers on proprietary AI-driven normalization and valuation logic applied to structured royalty statement data. Beyond historical analytics, the platform is extending into forecasting, signaled by a dedicated Forecasting product page. Chapter Two describes the product as a 'Bloomberg Terminal for Music Assets,' and earned media coverage in Billboard reinforces the financial-tool positioning for the music rights investment market.
Chapter Two operates a gated, enterprise-oriented go-to-market model with an 'Apply for Access' call to action, supplemented by self-serve batch upload capabilities within the platform. Revenue is generated via subscription-based access to Baltazar; pricing is not publicly disclosed. The company serves three primary segments: music rights investment funds, global investment banks, and world-renowned creators. Partnerships with Shot Tower Capital and RedBrick Advisors extend its reach into the financial advisory layer of the music rights market. The company has 29 employees, no disclosed venture funding, and claims a global operational footprint anchored in Europe.
Chapter Two firmographics
Firmographics- Name
- Chapter Two
- Legal name
- C2 Music & Technologies
- Website
- https://chaptertwomusic.com
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Chapter Two is a Stockholm-based company that has built Baltazar, an AI-powered music royalty analytics platform that normalizes fragmented earnings data for music funds, investment banks, and creators. The platform processes €100M of music earnings weekly.
- Ownership category
- akta.pro rank
Chapter Two industry classification
Industry- Product category
- Music Royalty Analytics
- NAICS
- Software Publishers (51321)
- SIC
- Services-Management Consulting Services (8742)
- akta.pro primary industry
- Royalty Analytics, Forecasting & Valuation Services (MPAIAKAG)
- akta.pro secondary industries
- Rights Data, Metadata, Identifier & Repertoire Management (ISWC/ISRC/IPI, Matching) (MPAIAKAF), Music Rights Administration & Royalty Processing (Admin, Accounting, Statements) (MPAIAKAD)
Keywords
Where Chapter Two is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Chapter Two business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations
Revenue model
- Baltazar Platform Subscription: SaaS platform providing music royalty analytics and valuation services. Revenue derived from subscription-based access to the analytics system, processing €100M of earnings weekly for customers.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
Chapter Two product offering
Product offeringCore offering
Chapter Two operates Baltazar, an AI-powered analytics system that ingests, normalizes, and enriches fragmented music royalty statement data from multiple providers. The platform enables music rights investors, global investment banks, and creators to analyze earnings by sales type, source, distributor, and song, processing €100M of music earnings weekly.
Product overview
Chapter Two offers a single unified product called Baltazar, an AI-powered analytics system for music royalty data. The platform turns fragmented royalty data into actionable intelligence, enabling the music industry to understand, measure, and transact on music asset value. Key capabilities include quick uploads (CSV, TXT formats), smart analysis with data normalization and enrichment, and deep exports (CSV, XLSX, Parquet). The system processes €100M of earnings weekly and is leveraged by music funds, investment banks, and creators.
Differentiator
Problem solved
Functional benefit
Brands
- Baltazar: Chapter Two's leading analytics system for music rights investors that normalizes and enriches royalty data from multiple providers, allowing analysis by sales type, source, distributor, and song. The platform processes €100M of earnings weekly.
Products and services
- Baltazar AI-powered analytics system for music rights investors that normalizes and enriches fragmented royalty data from multiple providers, enabling analysis by sales type, source, distributor, and song. Supports batch uploads of royalty statements in CSV and TXT formats and exports normalized catalog data in CSV, XLSX, and Parquet formats.
Quantifiable outcome
- Turns weeks of work into hours for music rights investors
Companies that use Chapter Two
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Chapter Two technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature4 records
Chapter Two partnerships and signals
Strategic signalScale indicators2 records
Recent moves5 records
Expansion highlights5 records
Chapter Two competitors and assessment
Company assessmentDirect peers
- Royalty Exchange: Royalty Exchange operates a marketplace for buying and selling music royalties and catalogs. It is comparable to Chapter Two because both serve the music royalty investment ecosystem, with Royalty Exchange focused on transactions and Chapter Two on the analytics that precede them.
- BMAT: BMAT provides music identification, usage data, and rights analytics for the music industry. It is directly comparable to Chapter Two because both sit in the music-rights data/analytics layer that helps rights holders, publishers, and investors understand usage and value across fragmented sources.
- Music Reports Inc. Music Reports Inc. is a music rights administration and royalty processing platform serving labels, publishers, and platforms. It overlaps with Baltazar's royalty-processing and rights-data normalization capabilities and competes for the same rights-management buyer.
- Audiam (Songtrust): Songtrust (incorporating Audiam) administers publishing rights and collects royalties globally for songwriters and catalogs. It competes with Chapter Two in the rights-administration and royalty-intelligence layer for rights holders and investors.
Others
- Chartmetric: Chartmetric provides music analytics across streaming, social, and charts for artists and labels. While not directly competing in royalty valuation, it is adjacent — both sell data-driven dashboards to music industry professionals to support commercial decisions.
Emerging players
- Tunesat: Tunesat provides broadcast and digital usage monitoring for music rights holders, enabling royalty claims. It overlaps with Baltazar in the music-rights intelligence stack, with a narrower focus on usage detection rather than catalog valuation.
- Jaxsta: Jaxsta maintains a verified music credits and rights database, serving labels, publishers, and rights holders. It is comparable to Chapter Two as a music rights metadata and data platform, although its emphasis is on credits rather than royalty analytics.
- Sound Credit: Sound Credit provides financing against music royalties and catalogs. It is an emerging player overlapping Chapter Two's investor-facing customer base, since both serve parties evaluating and transacting on music royalty cash flows.
Broad incumbents
- Vobile: Vobile provides audio and video content identification and rights management at scale. As a broader incumbent in music/audio fingerprinting and rights data, it overlaps with Baltazar's rights-data and royalty-intelligence functionality across a wider media portfolio.
- PEX (formerly Audible Magic) business line: PEX provides rights identification and royalty processing for music and UGC platforms. It is a broader incumbent that overlaps with Baltazar's royalty and rights-data normalization capabilities for large digital platforms.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Chapter Two social profiles
Digital presenceChapter Two financial estimates
Financial estimateRevenue estimate
Valuation estimate
Chapter Two leadership team
Management profileNumber of profiles
Chapter Two funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Chapter Two M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Chapter Two
What does Chapter Two do?
Chapter Two operates Baltazar, an AI-powered analytics system that ingests, normalizes, and enriches fragmented music royalty statement data from multiple providers. The platform enables music rights investors, global investment banks, and creators to analyze earnings by sales type, source, distributor, and song, processing €100M of music earnings weekly.
Is Chapter Two a public or private company?
Chapter Two is a private company. It is classified as unknown and is currently operating.
When was Chapter Two founded?
Chapter Two was founded in -1. It employs 11 to 50 people.
Where is Chapter Two based?
Chapter Two is headquartered in Stockholm, Sweden, in the Europe region.
How does Chapter Two make money?
One revenue line is on record: baltazar Platform Subscription.
Who are Chapter Two's main competitors?
Direct peers on record are Royalty Exchange, BMAT, Music Reports Inc. and Audiam (Songtrust). Chartmetric is listed as an others. Emerging players are Tunesat, Jaxsta and Sound Credit. Broad incumbents are Vobile and PEX (formerly Audible Magic) business line.
Does Chapter Two have an API?
No public API is recorded for Chapter Two.
What industry is Chapter Two in?
Chapter Two's product category is Music Royalty Analytics. Its primary akta.pro industry code is MPAIAKAG, Royalty Analytics, Forecasting & Valuation Services, with a secondary code of MPAIAKAF, Rights Data, Metadata, Identifier & Repertoire Management (ISWC/ISRC/IPI, Matching). Its NAICS code is 51321 and its SIC code is 8742.