Audoo Receives $5 Million Investment

Audoo, which helps artists pay royalties, announced that it has received an investment of 5 million dollars. Names such as David Furnish and Elton John joined the investment. The London-based startup has received a total investment of $ 22 million to date, with a new investment of $ 5 million. In addition to Elton John and David Furnish, Paul McCartney also invested in the London-based startup.

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What is Audoo?

Audoo offers a solution to a problem that negatively affects artists in the global music industry. Thanks to the startup, artists can find out how much their songs are played in gyms, shops and cafes. As a result, artists are paid royalties. The device called "Audio Metre", specially designed by the startup, reports artists' songs played in public places. According to Audio Metre's reports, artists lose an average of 3 billion dollars due to the royalty payment problem. Because without the permission of the artists, their songs are played in crowded places for commercial purposes. Therefore, this situation causes great losses to artists.

The Audio Metre consists of microphones arranged in a circular array. These microphones identify the music playing in crowded areas. Since the music is correctly identified, it is immediately clear who the songs belong to. The microphones in Audio Metre detect songs from a database of over 120 million tracks worldwide. Audio Metre sends the data to the cloud-based platform in Audoo. The London-based startup then sends the data to the team dealing with royalty payments. After analysing the data, the team ensures that the artists are paid.