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CHAPTER[TWO]
Chapter Two is a Stockholm-based music technology company that builds institutional-grade royalty analytics and catalog valuation infrastructure. Its Baltazar platform serves music funds, global investment banks, and rightsholders by normalizing fragmented royalty data and forecasting cash flows.
- Company typePrivate
- Founded2021
- HeadquartersStockholm, Sweden
- Headcount—
- GTM typeB2B
- OfferingSoftware
What CHAPTER[TWO] does
Chapter Two is a Stockholm-based music technology company founded in 2021 that builds institutional-grade data infrastructure for the music rights economy. The company's core product, Baltazar, is a royalty analytics and copyright valuation platform that normalizes fragmented earnings data from multiple distributors, collecting societies, and territories into a unified view, enabling analysis by sales type, source, distributor, song, and territory. The platform is built on technology trained on more than $2 billion in historical royalty payouts across over 100,000 catalogs, processing approximately €100 million of earnings weekly across 2 billion rows of data covering over 1 million songs. Chapter Two's proprietary Royalty Engine handles data normalization and enrichment, and the company has developed what it describes as the first diffusion-based forecasting model trained directly on royalty cash flows rather than stream or consumption proxies.
The company serves two primary customer segments: institutional investors and music funds (private equity, specialist music funds, and investment banks active in catalog acquisitions) and world-renowned creators/rightsholders seeking transparency into catalog valuation. The business model combines B2B SaaS for the Baltazar analytics platform (enterprise access via application approval and multi-year contracts, pricing not publicly disclosed) with transaction facilitation fees from catalog deals, having brokered over $6 million in songwriter share transactions including Lil Nas X and BTS tracks. Strategic partnerships with Shot Tower Capital (entertainment investment bank) and RedBrick Advisors (valuation firm) anchor the institutional go-to-market. The company is backed by Axwell of Swedish House Mafia, King founder Sebastian Knutsson, and Stride VC, and operates with a small Stockholm-based team across geographies including Sweden, USA, UK, South Korea, and Singapore.
CHAPTER[TWO] firmographics
Firmographics- Name
- CHAPTER[TWO]
- Legal name
- C2 Music & Technologies
- Website
- https://chaptertwo.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Short description
- Chapter Two is a Stockholm-based music technology company that builds institutional-grade royalty analytics and catalog valuation infrastructure. Its Baltazar platform serves music funds, global investment banks, and rightsholders by normalizing fragmented royalty data and forecasting cash flows.
- Ownership category
- akta.pro rank
CHAPTER[TWO] industry classification
Industry- Product category
- Music Royalty Analytics and Copyright Valuation
- NAICS
- Software Publishers (5132), Music Publishers (51223), Music Publishers (512230)
- SIC
- Services-Management Consulting Services (8742), Security Brokers, Dealers & Flotation Companies (6211)
- 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), Copyright Registration & Catalog Management (Metadata, ISWC/ISRC Linking) (MPAIABAC)
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
- Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Operations
Revenue model
- Music Catalog Transaction Facilitation: Chapter Two facilitates catalog acquisitions and sales, matching buyers and sellers of music rights. The company has facilitated over $6M in catalog deals (Lil Nas X and BTS songwriter share transactions) and is described as 'a trusted partner for both sellers and buyers' in music catalog transactions.
- Baltazar SaaS / Analytics Platform: Baltazar is an institutional-grade analytics platform. While explicit pricing is not publicly disclosed, the platform targets established music funds, global investment banks, and creators — indicating a B2B SaaS model, likely subscription or usage-based for institutional users. 'Apply for Access' and 'Book a Demo' CTAs indicate enterprise sales motion.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Baltazar institutional platform — tier details not publicly disclosed |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
CHAPTER[TWO] product offering
Product offeringCore offering
Chapter Two operates Baltazar, an institutional-grade analytics platform that ingests, normalizes, and enriches fragmented music royalty data from multiple providers, then provides forecasting and valuation analytics for music catalogs. The company also facilitates music catalog acquisitions and sales, acting as a transaction intermediary for rights holders and institutional buyers.
Product overview
Chapter Two (formerly Anotherblock) is a Swedish music technology company offering a unified platform for music rights valuation and analytics. The core product is Baltazar, an institutional-grade royalty analytics platform that processes and analyzes music royalty earnings, supplemented by a Forecasting module (diffusion-based royalty forecasting) and powered by the company's proprietary Royalty Engine which normalizes, enriches, and predicts from royalty data.
Differentiator
Problem solved
Functional benefit
Brands
- Baltazar: Institutional-grade music royalty analytics and copyright valuation platform designed for music rights investors. Provides royalty data normalization, enrichment, and analysis capabilities.
Products and services
- Baltazar Institutional-grade royalty earnings insights platform for music rights investors that turns weeks of manual royalty data preparation into hours of analysis by normalizing, enriching, and analyzing royalty data across multiple data providers. Enables analysis by sales type, source, distributor, song, and territory, with deep exports in CSV, XLSX, and Parquet formats. Used by music funds, global investment banks, and world-renowned creators.
- Music Catalog Transaction Facilitation Service in which Chapter Two matches buyers and sellers of music rights and uses its proprietary Royalty Engine to underwrite and execute catalog acquisitions and sales. Has facilitated over $6M in songwriter share transactions including Lil Nas X and BTS tracks, acting as a trusted intermediary for both sellers and buyers.
Quantifiable outcome
- Turns weeks of manual royalty data preparation into hours
- +4 more outcomes
Companies that use CHAPTER[TWO]
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
CHAPTER[TWO] technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability7 records
Feature4 records
CHAPTER[TWO] partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Shot Tower CapitalcoreChapter Two partnered with Shot Tower Capital (leading entertainment investment bank) to co-launch Baltazar, an institutional-grade royalty analytics and copyright valuation platform. Shot Tower contributes institutional music industry expertise and valuation knowledge to the partnership. Rob Law, Managing Director at Shot Tower Capital, noted: 'We've built the Bloomberg Terminal for music assets.' Shot Tower Capital is both a strategic GTM partner and a co-development partner for the Baltazar platform.
- RedBrick AdvisorscoreChapter Two partnered with RedBrick Advisors (valuation firm) alongside Shot Tower Capital to launch Baltazar. RedBrick provides valuation expertise and uses Baltazar to enhance transaction support and services for clients. Co-Founder Sachin Saggar stated: 'Reliable valuation starts with reliable data. Baltazar strengthens the analytical foundation required for high-quality valuation and transaction decision-making.'
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
CHAPTER[TWO] competitors and assessment
Company assessmentEmerging players
- Chartmetric: Music data analytics platform providing streaming, audience, and catalog insights to labels, artists, and rights holders; overlaps with Baltazar on analytics tooling but emphasizes marketing-facing rather than transactional valuation use cases.
- Vobile Group: Intellectual property analytics platform with music fingerprinting and rights data; comparable on the analytics and content identification side of music rights, though with a different primary focus on video.
Direct peers
- Audiam: Music rights administration and royalty collection service focused on songwriters and publishers; overlaps with Chapter Two's rights management, metadata enrichment, and royalty tracking capabilities.
- Music Reports Inc: Provides music rights administration, royalty processing, and analytics for publishers, labels, and platforms; overlaps directly with Chapter Two's Royalty Engine on rights data normalization and accounting.
- Royalty Exchange: Online marketplace for buying and selling music royalties with valuation tools; competes directly with Chapter Two's transaction facilitation and catalog analytics for both buyers and sellers of royalty streams.
- ANote Music: Music royalty securities marketplace enabling fractional investment in song royalties; comparable in bringing institutional and investor demand into music rights transactions via structured data and listings.
- Songtrust (Downtown Music Holdings): Global publishing administration platform collecting royalties across societies and DSPs; competes in the same publishing administration and global sub-publishing space and serves similar songwriter and publisher customers.
Broad incumbents
- BMG: Major music publisher and rights investor that acquires catalogs and uses internal analytics for valuation and A&R; represents the kind of incumbent buyer Chapter Two targets while also competing for rights administration mandates.
- Downtown Music Holdings: Parent of Songtrust and other music services offering publishing administration, royalty distribution, and rights management at scale; comparable as a broad incumbent in the same publishing administration and rights data space.
- Kobalt Music Group: Large independent music publisher and rights administrator with proprietary technology for royalty processing; broader portfolio than Chapter Two but serves overlapping songwriter and institutional customers with tech-led tools.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 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
Profiles3 records
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 institutional-grade analytics platform that ingests, normalizes, and enriches fragmented music royalty data from multiple providers, then provides forecasting and valuation analytics for music catalogs. The company also facilitates music catalog acquisitions and sales, acting as a transaction intermediary for rights holders and institutional buyers.
Is CHAPTER[TWO] a public or private company?
CHAPTER[TWO] is a private company. It is classified as venture growth investor backed and is currently operating.
When was CHAPTER[TWO] founded?
CHAPTER[TWO] was founded in 2021.
Where is CHAPTER[TWO] based?
CHAPTER[TWO] is headquartered in Stockholm, Sweden, in the Europe region.
How does CHAPTER[TWO] make money?
Two revenue lines are on record. Music Catalog Transaction Facilitation is the primary driver. The others are baltazar SaaS / Analytics Platform.
Who are CHAPTER[TWO]'s main competitors?
Emerging players on record are Chartmetric and Vobile Group. Direct peers are Audiam, Music Reports Inc, Royalty Exchange, ANote Music and Songtrust (Downtown Music Holdings). Broad incumbents are BMG, Downtown Music Holdings and Kobalt Music Group.
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 and Copyright Valuation. 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 5132 and its SIC code is 8742.