Audiam Helps Musicians Get Paid for Their Music on YouTube
Rahul Kalvapalle — March 7, 2014 — Business
New York start-up Audiam has raised $2 million from music industry heavyweights for its service, which will help musicians be fairly compensated for use of their music on YouTube videos.
Audiam's core service is to scour YouTube videos to identify the use of music, inform YouTube to place ads on those videos and get musicians their fair share of ad money.
Audiam handles all license and administration wrangling, collects owed monies from YouTube and takes a 25% cut before paying the rest to its musician clientele.
The start-up has secured $2 million in funding from music industry heavyweights and already boasts a database of 100,000 songs from musicians as varied as Dolly Parton, Pink Floyd and Kanye West.
Audiam CEO Jeff Price says the service is positioned to be "a cutting-edge, first-of-its-kind technology system built for the new digital music industry that can be applied to the analog world of antiquated, complex and confusing copyright."
Audiam's core service is to scour YouTube videos to identify the use of music, inform YouTube to place ads on those videos and get musicians their fair share of ad money.
Audiam handles all license and administration wrangling, collects owed monies from YouTube and takes a 25% cut before paying the rest to its musician clientele.
The start-up has secured $2 million in funding from music industry heavyweights and already boasts a database of 100,000 songs from musicians as varied as Dolly Parton, Pink Floyd and Kanye West.
Audiam CEO Jeff Price says the service is positioned to be "a cutting-edge, first-of-its-kind technology system built for the new digital music industry that can be applied to the analog world of antiquated, complex and confusing copyright."
Trend Themes
1. Video Streaming Payment Systems - Opportunity for companies to develop innovative payment systems for musicians on video streaming platforms.
2. Fair Compensation for Musicians - Emerging trend of providing fair compensation to musicians for the use of their music on online platforms.
3. Automatic Identification of Music Usage - Disruptive innovation opportunity for technologies that automatically identify and monitor music usage on video streaming platforms.
Industry Implications
1. Music Industry - Opportunity for music industry companies to adapt and embrace new technologies for fair compensation on video streaming platforms.
2. Technology - Innovative technology solutions could be developed to automate the identification and administration of royalties for musicians on video streaming platforms.
3. Digital Marketing - Digital marketing agencies can explore opportunities in managing advertisements and monetization for musicians on video streaming platforms.
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