Audoo, a tech company founded by musician-turned-entrepreneur Ryan Edwards, is tackling one of the music industry’s long-standing challenges — ensuring artists receive accurate royalties for their music played in commercial locations.
The idea was born when Edwards heard his own music being played in a London department store, and he became curious about how royalties were being tracked and paid.
He said he uncovered a “huge problem with inaccuracy” and set about creating a solution in the shape of a small plug-in device which recognizes and registers music.
The old method consisted of manual surveys and radio data sampling, leaving much to be desired in terms of accuracy. Audoo’s devices provide a new level of precision, ensuring artists are paid for every play.
“This is in everything from gyms to retail locations, cafes. We’re in schools. We’re in nurseries, you name it. Anywhere that you hear music out and about, we are there,” Edwards told CNBC’s Converge.
The approach has attracted attention from some of the biggest names in the music world, with legendary musicians Sir Elton John and ABBA’s Björn Ulvaeus investing in the company.
“The investment journey for us, like any startup, has been constant. Over the past five years, we’ve raised nearly £18 million ($22 million) into the business,” Ryan said.
Audoo’s data also reveal trends in how music is consumed in commercial settings.
“We can look at the geographical location of a premise, and we can start to group play data by geography. We can look at individual premises themselves. One of the most interesting parts is looking at industry sector types, grouping premises into fitness, food and drink, or retail,” said Hash Riaz, Audoo’s Head of Product.
“The key thing for us is we started with data to ensure people were getting paid correctly. But now, the next phase is helping artists, booking agents, and labels use that data for actionable intelligence,” Edwards said.
Watch the video above for more on Audoo and how it’s supporting the music industry.
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