CHAPTER[TWO]

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.

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

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

• Music royalty analytics
• Copyright valuation platform
• Music catalog data
• Royalty data normalization
• Music asset intelligence

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Operations

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Shot Tower CapitalcoreStrategic or Co-development Partner · 10 April 2025Chapter 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 AdvisorscoreStrategic or Co-development Partner · 10 April 2025Chapter 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

Emerging 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

• LinkedInlinkedin.com/company/chaptertwomusic
• Instagraminstagram.com/enterchaptertwo

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CHAPTER[TWO]