Music technology company Audoo has announced it has closed its Series A funding round.
London-based Audoo has raised £5.2 million in less than 10 weeks in an investment round backed by Edinv, ABBA’s Björn Ulvaeus and existing investors including Tileyard London.
The funding will go towards ensuring that artists and songwriters receive revenue that is rightfully theirs by accurately recognising and reporting music played in public performance areas, such as shops, gyms and cafés.
Audoo has invented an audio meter, shaped as a small plug, which fits into a standard electrical socket. The meter securely monitors what music a venue is playing, recognises and logs it, meaning that artists and composers can accurately receive the royalties they are owed for the broadcasting of their work.
To maximise the audio meter rollout, Audoo is working with Performing Right Organisations around the world to make installation a condition of venues gaining a license to play music.
Beyond royalty reporting, the data captured can also be leveraged by record labels, publishers, catalogue owners, managers, booking agents and artists themselves to refine their strategy, book tours and better understand how music is consumed.
Audoo have won music and technology industry awards, including MIDEM Labs earlier this summer.
The company board includes familiar names such as former BMG UK boss Alexi Cory-Smith, former BMI VP Rick Riccobono, international rights expert Cliff Fluet and Adam Parness, former global head of publishing at Spotify.
Audoo CEO Ryan Edwards said: “It doesn’t matter who you are – from Sir Elton John to the local singer-songwriter – we will deliver accurate data to ensure artists are paid fairly. The mission is everything to us. If our technology is in place in all UK licenced premises, it will log around 80 million plays every 12 hours. We’ll know – with certainty and in detail – exactly what people are listening to. We will collect and report the biggest set of public performance music data ever created.”
Audoo is a solution I believe will change the music industry forever and that’s why I have put my money where my mouth is
Björn Ulvaeus said: “For a long time, I have urged Performing Right Organisations to use intelligent third-party technology. Audoo is a solution I believe will change the music industry forever and that’s why I have put my money where my mouth is.”
Chris Herbert, Audoo non-executive director and music manager, remarked: “Having worked closely with Ryan and the team for the past year, I couldn’t be prouder of our achievements, and how quickly we have raised these funds in such a challenging environment from industry leading & experienced investors. It is further validation of the need for such technology on a global scale.”
Cliff Fluet, Audoo board advisor and chair of the Ivors Academy Trust, said: “As a rights lawyer passionate about using technology to generate, find and distribute greater revenues, I have observed the importance of better data leading to more equitable distributions. This is a challenge experienced by all those in the music value chain and mission-critical for creators, from some of the largest artists on the planet to the emerging talent we are supporting in the early stage of their careers at the Ivors Academy Trust. Fair distributions of these revenues are even more important given the decimation of live music during the pandemic, which is a core focus of the DCMS inquiry into new music revenues.”
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