‘Royalty revolution’ audio tech startup hits £50k on first day of fundraise
A technology startup aiming to revolutionise royalties for musicians has raised over £50k in the first day of its Seedrs crowdfunding campaign.
Audoo, which has developed an audio meter that monitors the music played in public premises in a bid to ensure that artists are fairly compensated, has secured five-figure funding in the first 24 hours of the campaign.
Founded in 2018, Audoo is the brainchild of Ryan Edwards, who heard his own song playing in a department store despite never being paid for the broadcast.
The startup aims to raise £250k through the campaign, and has already gained backing from industry figures such as Chris Herbert - talent manager behind groups such as the Spice Girls and 5IVE - and PRS chairman & European president of peer music Nigel Elderton.
Ryan Edwards, Audoo founder and CEO, commented: “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.”
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