The company believes approximately US$2.7bn is lost in royalties and it aims to help lesser-known artists make a better living.
Paul
McCartney and Abba’s Bjorn Ulvaeus have contributed to a £7.2mln
investment round for a music technology company that aims to
revolutionise performance royalties.
Audoo Ltd’s audio meter
device monitors music played in public venues and has a 99% recognition
rate in detecting the songs, it says.
The idea was formed when
founder and chief executive Ryan Edwards heard his own top-10 song being
played in a retail store in 2018 and checked his royalty statement to
realise he had not been paid for the broadcast.
The Performance
Rights Organisations (PROs) and Collective Management Organisation
(CMOs) currently send people to venues to sample played music to
estimate payments for musicians.
Audoo’s device takes a general
data protection regulation compliant (GDPR) digital imprint of the music
before relaying the information in real-time to PROs and CMOs to ensure
rights holders are compensated accurately, it said.
Edwards
claims that “hundreds of millions are paid out on estimations,” which
generally favours popular artists but underpays smaller musicians with
certain genres not receiving nearly as much recognition as they should.
The company believes approximately US$2.7bn is lost in royalties and it aims to help lesser-known artists make a better living.
Edwards
was delighted with the funding from McCartney’s investment company, MPL
Communications, telling media how “wonderful” it was to have music
publishing expertise amongst its team.
Audoo has raised a total
of £14mln in pre-Series B funding and Edwards revealed it will
predominantly focus its use of the proceeds on commercialising the
technology in European and North American markets.
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