Connect with us

Hi, what are you looking for?

Editor’s Pick

Sir Paul McCartney comes together with investors to back music start-up Audoo

Sir Paul McCartney is among a group of investors behind a GBP7.2 million funding round for the music start-up Audoo.

The former Beatle joins existing investors Edinv and Tileyard London, alongside Abba’s Bjorn Ulvaeus, in financing the company.

Audoo has collectively raised GBP14 million in pre-Series B funding and according to its chief executive is aiming at the European and North American markets “as they are generally the biggest music markets in the world.”

Founded by Ryan Edwards in 2018, Audoo is a music technology company seeking to revolutionise the royalty payment system for musicians through its Audio Meter device, which monitors music played in public venues. The device, which can be plugged into a mains socket, has its own microphone array and uses mobile networks to communicate with servers. According to Edwards, it has a 99 per cent recognition rate. He likened the technology to a smart meter, with venues ranging from pubs to shopping centres able to “fit and forget” the device.

Edwards, a former musician from Stourbridge, West Midlands, said that he had heard his own music in football stadiums, cafes and bars but was disappointed to learn that he was not receiving royalty fees for it. Currently, Performing Rights Organisations and Collective Management Organisations send individuals to venues to sample music played and estimate payments for composers and musicians.

Edwards said that “hundreds of millions are paid out on estimations”, which tended to benefit popular artists, and marginalise the earnings of smaller musicians. “Certain genres just don’t get representation,” he said. He hoped this could make a difference for someone trying to make a living from music.

Artists believe they collectively lose out on $2.7 billion in royalties. Edwards believes Audoo will help address that.

Within his team are a number of industry big hitters, including Adam Parness, Spotify’s former global head of music publishing, and Chris Herbert, the talent manager associated with the Spice Girls, among others.

Audoo’s boss was effusive in his praise for McCartney’s investment company, MPL Communications, saying it was “wonderful” to have the support of a team that understood publishing.

Read more:
Sir Paul McCartney comes together with investors to back music start-up Audoo

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

REUTERS THE Philippine Chamber of Commerce and Industry (PCCI) said the issues raised against joining the Regional Comprehensive Economic Partnership (RCEP) should pose no...

News

REUTERS THE PHILIPPINES will need to tap emerging technology like green hydrogen to shore up energy security during its transition to green sources of...

News

REUTERS UPGRADED CYBER-DEFENSES need to accompany greater adoption of the blockchain, artificial intelligence, and financial technology, extending the blanket of security to other entities...

News

REUTERS FARMER organizations are asking the government not to extend a scheme of lowered tariffs on food imports, which expire at the end of...

News

By Arjay L. Balinbin, Senior Reporter INCREASED investment in maritime supply chains, including ports, shipping fleets, and hinterland connections, is needed to boost sustainability...

News

The social and economic effects of the pandemic were on a scale so massive that many did not see an end in sight. However,...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.