Adele, renowned musician, aligns with supporters of the music royalties platform, Audoo.
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Looks like Adele, the Grammy-winning sensation, has jumped on the venture capital bandwagon, investing in music tech firm, Audoo. Alongside her, U2's bassist Adam Clayton has also chipped in, as part of a £7m funding round.
Joining the roster of illustrious music legends like Elton John, Paul McCartney, and ABBA's Bjorn Ulvaeus, Adele and Clayton are now shareholders in Audoo. The latest changes in Audoo's share registry, filed at Companies House, have confirmed the news.
Established by former musician Ryan Edwards, Audoo is on a mission to tackle the perennial problems associated with public performance royalties. After all, who doesn't want to see musicians benefit when their tunes are played out loud in stadiums, bars, and pubs? As the story goes, Edwards was inspired to create Audoo after hearing his own music blaring in football stadiums, sans any payment.
Reports suggest that artists are losing billions in unaccounted royalties each year. But with Audoo, those days might be numbered.
Using an advanced monitoring device, dubbed the Audio Meter, Audoo is designed to recognize songs played in public venues. This novel gadget supposedly boasts a 99% success rate. Audoo has deemed its partnerships with organizations like music licensing company PPL/PRS as 'industry-first'. These partnerships help track and report songs played in various public performance hotspots such as cafes, salons, shops, and gyms.
In a statement to our website, Edwards said, "We're stoked about the continued support we're receiving as we strive to make music royalties fairer and more transparent for artists and rights-holders worldwide." The funding will help Audoo expand its reach in the US and Europe, bringing it one step closer to its mission of overhauling the global royalty system.
As for Adele, her management team remained tight-lipped regarding her investment. But it's safe to say that this partnership has bought a fresh wave of excitement into the music industry. Let's see where this collaboration takes us!
Enrichment Data, Selective Use:
- Mission Statement: Audoo aims to make music royalties fairer and more transparent for artists and rights-holders worldwide through its pioneering technology[1].
- Geographic Focus: The company is focusing its growth in North America and across Europe, which are the world's biggest recorded music markets[1].
- The music industry has seen an influx of investments, as Adele and U2's bassist Adam Clayton have joined forces with Audoo, a music tech firm focusing on fairer and transparent music royalties, expanding its reach in North America and Europe.
- Recognizing the importance of artist compensation, Adele, alongside music legends like Elton John and Paul McCartney, has ventured into the world of venture capital, investing in Audoo, a company that combats issues related to public performance royalties using advanced technology such as the Audio Meter.
- In a bid to revolutionize the global royalty system, Audoo, with its pioneering technology, has partnered with organizations like PPL/PRS, increasing its potential to tackle the ceaseless problem of unaccounted royalties in the music industry, ultimately benefiting musicians worldwide.
