The Jaxsta Ltd (ASX: JXT) share price is picking up steam in late afternoon trade. This comes after the company announced that it has signed a publisher data deal. At the time of writing, the music technology company's shares are swapping hands for 8.6 cents apiece, up 1.18%.
What did Jaxsta announce?
The Jaxsta share price is racing higher towards the end of market close. Consequently, as investors fight to get a hold of its shares.
According to its release, Jaxsta advised that it has entered into a Commercial Data Access Agreement with Kobalt Music. The deal will run for a period of two years with an option to extend.
Under the terms of the contract, Kobalt Music will provide its publisher data. Thus, improving Jaxsta's official music credits data information. This is seen as a critical step by the company to launch its Works product on its Jaxsta Pro platform.
In addition, the deal will supplement another set of data available. This will be licenced through Jaxsta's Data Solutions and Commercial API. Currently, the company has two more paid deals which are scheduled to commence in April this year.
Furthermore, Jaxsta stated that the new agreement will be included in its revenue share for Data Solutions and Commercial API products.
Kobalt Music's publishing roster represents a number of famous musicians. In particular, Billie Eilish, Beck, Diplo, Elvis Presley, Foo Fighters, The Weeknd, and many others.
Jaxsta founder and CEO, Jacqui Louez Schoorl, touched on the company's prospects, saying:
Adding and marrying Publisher data with existing Record Label data to provide a deduplicated and deep-linked set of credits creates a unique world of new data integration possibilities for API data agreements with potential commercial partners. This deduplicated data is part of our Works product within Jaxsta Pro which we will be releasing in the coming months.
About the Jaxsta share price
The Jaxsta share price has performed modestly, gaining just above 13% since this time last year. Its shares hit a low of 1.3 cents in March 2020. Prior to accelerating in September, reaching a 52-week high of 18.2 cents.
Based on the current share price, Jaxsta has a market capitalisation of around $21 million.