Tuesday 14 December 2021

PAUL MCCARTNEY INVEST IN MUSIC ROYALTIES START-UP AUDOO














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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