A London based music technology enterprise; Audoo that is involved in revolutionizing music performance royalties has secured £5.2 million Series A investment led by Björn Ulvaeus and its existing investors on 23rd November 2020.
This newly raised funding will be utilized in rolling out the duct offered by Audoo, the ‘Audio Meter’. Audio Meter is a minute device that monitors the music venue related things securely like what music is playing, recognizes it and finally logs it. This means that the composers and artists can receive royalties they owe, when their work is broadcast somewhere. The device works when it is installed at the venue. And for this they are working with the PROs (Performance Rights Organizations) globally for making installations a condition for several venues to get the license for playing music.
The startup, Audoo offers real time and completely automated playback reporting using API. It removes manual admin, improves efficiency and takes consideration of every play. For the side of right holders, they ensure that they are transparent and accurate. This strengthens reporting accuracy and thereby supports all artists. For those who hold the license they offer no increased charges, simple installation, zero admin and music tracking from any source features.
The CEO of Audoo, Ryan Edwards said, “If the technology we offer is placed in all licensed premises of the United Kingdom it will log approximately 80 million music places in every 12 hours. We will definitely know the details and exactly what people are listening to. We are going to collect the data and report the biggest public performance music data set that is ever created.”
About Audoo
Audoo is a London based organization that ensures accuracy for music artists by creating a royalty revolution. It was founded in 2018 by Ryan Edwards and has a vision to create an accurate system that compensates composers and artists. They have created a feasible solution which can actually track played music and provides this information in real time for helping various PROs for streamlining and digitizing their process and thereby resulting in a more transparent and accurate royalty distribution. Audio Meter can be simply plugged in at commercial establishments like restaurants, gyms, bars, shops and takes digital imprints of music played there. This is further analyzed for the performance rights organizations which ensure that published artists and composers are fairly and accurately compensated for the times their music is being played.
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