Medialab, a holding company of consumer internet brands has acquired Brooklyn-based lyrics company Genius for $80 million.
The acquisition was first reported by Bloomberg.
Genius confirmed its agreement to sell the company to MediaLab in the following statement:
“MediaLab’s commitment to investing in artists and fan-driven communities makes them the ideal partner to propel Genius forward. Genius would not be where it is without the tireless efforts of our whole team. We are immensely grateful to everyone who has made Genius what it is today.”
Genius had raised approximately $77.7 million in funding, according to Crunchbase. The companies investors include Andreessen Horowitz, Quicken Loans, Cleveland Cavaliers owner Dan Gilbert, and artists Eminem, Nas and Pharrell Williams.
Last summer, it launched Genius Live, an interactive livestream platform that hosts live music events. The company claims to have more than 100 million global users and 2 million contributors in its lyrics database.
To learn more about Genius visit https://genius.com/