Audoo, a tech company founded by musician-turned-entrepreneur Ryan Edwards, is solving one of the long-standing challenges in the music industry – ensuring that the music artists play in commercial venues receives accurate royalties.
The idea came to life when Edwards heard his music play at a London department store, and he was curious about the royalties for tracking and payments.
He said he discovered a “giant problem of inaccuracy” and set out to create solutions in the shape of a small plug-in device that recognizes and registers music.
The old method consists of manual investigation and radio data sampling, which has many shortcomings in terms of accuracy. Audoo’s equipment provides new precision to ensure every game is paid to the artist.
“It’s everything from gyms to retail locations, cafes. We’re in schools. We’re in nurseries, you name them. Wherever you hear music, we’re there,” Edwards told CNBC’s convergence.
This approach has attracted the attention of some well-known musicians, with legendary musicians Sir Elton John and Abba’s Björn Ulvaeus investing in the company.
“Our investment journey, like any startup, has been the same. Over the past five years, we have raised nearly £18 million ($22 million) from the business.”
Audoo’s data also reveals the trend of how music can be consumed in a business environment.
“We can see the geographic location of the premises, we can start grouping data by geographic locations. We can view individual premises ourselves. One of the most interesting parts is looking at the industry type, grouping venues into fitness, food and beverages or retail.” Audoo Product owner Hash Riaz said.
“For us, the key is that we start with the data to make sure people get the right payments. But now, the next phase is helping artists, booking agents and tags use that data for actionable intelligence. ”
Watch the video above for more information on Audoo and how to support the music industry.
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