Audoo – the music technology start-up leading the way in the royalty revolution – has today announced that over £50,000 has been raised on the first day of its Seedrs crowdfunding campaign.
The campaign went live last night at Abbey Road Red’s Demo Day as Audoo is one of Red’s technology incubator programme graduates. The crowdfund was launched due to the company receiving many enquiries about how people could invest or assist in helping it succeed. The goal is to raise a total of £250,000 for the cause and anyone can invest.
Audoo was founded in 2018 by previous musician Ryan Edwards after he heard his own song playing in a popular department store, yet was never paid for the broadcast. After discovering that there were millions of other artists who’d also encountered the issue, Edwards established Audoo.
Part of what the company offers is an audio meter that monitors the music played in public premises – shops, gyms and restaurants – to ensure that all artists are fairly compensated. Large numbers of artists and composers have dealt with improper royalty distribution, missing out on millions in royalty payments that they’re rightfully owed.
Having gained the backing of established music business luminaries like Chris Herbert (the talent manager behind groups such as the Spice Girls and 5IVE) and Nigel Elderton (PRS chairman and European president of Peer Music), Audoo is working closely with Performance Rights Organisations (PROs) to streamline data-entry processes and royalty distribution with its audio meter.
Edwards remarked: “The fantastic response that we’ve received from the music community shows the true scale of the issue that we’re dealing with, with millions of artists out there unfortunately not receiving the money they’re owed for their work.
“Community is at the heart of everything we do at Audoo, so we wanted to provide an opportunity for anyone out there to join us on our journey by owning a piece of the royalty revolution.”