Audoo achieves funding to the tune of £600,000
Music tech startup Audoo, which hopes to change the way music royalties are paid and distributed, has had a successful funding round, raising £600,000.
It will use the funds to help it work towards making it easier to monitor the use of music in commercial spaces and ensure the artists in question receive payment.
Audoo was created to tackle a persistent issue with music streaming - that the owners of SMEs are using personal accounts to stream their background tracks rather than paying a commercial license. In fact, three in every four businesses that should pay for a commercial use license, don't.
Where performance royalty organisations (PROs) currently only calculate payments based on estimates taken from radio plays, Audoo has created a dedicated plug-in device that captures a short clip of music being played, analyses and sends it to the PRO for insight, and doesn’t store any of the data.
Investors included Greg Gormley, co-Founder of Bink; Luke Heron, co-Founder of Testcard; Tim Davies, Chief Innovation Officer at Co-op; and Marcus Watson, CEO of Adoreum.
Ryan Edwards, Audoo CEO, 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.”