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Steve Stoute launches new music venture with $70 million from investors

Artists will able to use the company's tools to gain insight into their fans and re-target them to promote new songs, merch or tours.

Talent // Instagram

Before his Drink Champs episode airs on REVOLT TV tonight(!), Steve Stoute has another reason to celebrate.

His new venture, an artist services company named UnitedMasters, has launched after receiving $70 million in funding from several investors, including Google parent company Alphabet.

According to Wall Street Journal, the San Francisco-based venture "will help up-and-coming artists get their music on streaming platforms like Spotify and Pandora and use online tools to market the musicians and help them reach fans."

Here's exactly how it will work, as reported by the site: Musicians will pay UnitedMasters "the lowest price for distribution" (according to Stoute) to get their songs to stream on sites. The company, in turn, will pay the streaming companies. In return, the artist will be able to use UnitedMasters' system and the data it gleans to gain insight into who their fans are, and the company's tools can then automatically re-target the listeners through online ads promoting new songs, merchandise or tour dates.

Stoute himself said, "We want to build a business that helps musicians, which is my passion, and also helps brands find a much more specific way of investing their money in the category of music."

'Drink Champs' airs tonight at 10 p.m. ET on REVOLT TV.

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