The music world is buzzing with excitement as the legendary Sir Elton John throws his support behind Audoo, a pioneering company dedicated to ensuring artists receive their well-deserved royalties. He joins an impressive lineup of celebrity backers, including Sir Paul McCartney and ABBA’s Bjorn Ulvaeus, making this a watershed moment in the music industry.
Audoo is on the brink of announcing a substantial $5 million (£4.1 million) cash injection, with insiders hinting that the announcement could come as soon as this morning. Founded five years ago by former singer Ryan Edwards, Audoo was created to address the pervasive issue of unpaid public performance royalties and to guarantee fair compensation for musicians when their music is played at public venues.
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At its core, Audoo employs cutting-edge audio monitoring technology to detect songs played in public spaces, already operational in approximately 10 countries and expanding. This innovation is poised to revolutionize how musicians are compensated for their work, particularly given recent reports indicating that artists lose out on a staggering $3 billion (£2.45 billion) in unaccounted royalties each year.
Sir Elton John, renowned for his iconic hits and unforgettable performances, shared his thoughts with Sky News about his involvement, stating, “Being a musician is often seen as a world of glitz and glamour, but for most artists, especially emerging talents, it’s far from that. Unfairness in the industry extends to inadequate compensation. Currently, artists aren’t receiving accurate payment for their performances due to the lack of data.”
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This groundbreaking development in the music industry couldn’t have come at a better time. As Sir Elton recently concluded his farewell tour, which included sold-out shows at the O2 and a headline performance at Glastonbury, his support for Audoo highlights his dedication to ensuring that the next generation of musicians receives just compensation for their hard work.
Stay tuned as Audoo prepares to unveil its ambitious plan to transform the music industry, with Sir Elton John and an impressive roster of celebrity supporters leading the charge. City A.M. has reached out to Audoo for insights into this exciting development.
