Audoo, a technology start-up aimed to revolutionise music royalty distribution has announced £600k in funding in a bid to improve the monitoring of music played in commercial spaces and ensure artists are paid accurately.
Backers include Greg Gormley (co-Founder of Bink), Luke Heron (co-founder and CEO of Testcard), Tim Davies (Director of Ventures and Chief Innovation Officer of Co-op), Ed Matthews (Investment Banker) and Marcus Watson (CEO of Adoreum).
In a $43 billion global industry, artists are currently only paid 12% of the revenue generated. Artists and record companies lose $2.7 billion in revenue annually because SME owners (such as cafes, gyms and barber shops) typically stream music from personal accounts instead of buying a commercial-use license. On top of this, 75% of UK businesses that should have a commercial-use license don’t currently pay for one.
The Audoo plug-in device captures music being played for a few seconds then shuts down, resulting in a digital fingerprint of audio, which the platform analyses and relays to the PROs, without storing any audio data.
It can be managed remotely and the analytics platform has a standard set of APIs/reports specific to each business to allow Performance Royalty Organisations (PROs) to leverage customer insight and artist payment distribution.
CEO of Audoo, Ryan Edwards, said: “As an ex-musician, I know first-hand how challenging the distribution of royalties can be with its manual processes and lack of accurate data.
“Tracking performance royalties has always been a challenge in the music industry. We aim to change this by providing a tool for PROs to manoeuvre efficiently in the digital age and ensure artists are paid fairly.”
Investor Greg Gormley added: “I’m delighted to have invested in such an innovative business that will change the face of the music industry and fairly reward artists. As a technology entrepreneur, it was evident very early on that Audoo’s technology has the potential to revolutionise a much-loved industry, making it fairer and more transparent for everyone.”