Elton John Backs Music Technology Company Helping Artists Receive Fairer Royalty Payments
Sir Elton John has backed a music technology company that helps artists receive fairer royalty payments.
The pop legend and her husband David Furnish have invested in the latest £4.1m funding round for Audoo, which counts Abba’s Bjorn Ulvaeus and Sir Paul McCartney among its investors.
The company was founded by former musician Ryan Edwards five years ago to ensure artists are paid when their songs are played in public places such as shops and cafes.
Musicians lose up to £2.5bn worldwide in lost royalties each year, according to the latest estimates.
Sir Elton, whose appearance at this year’s Glastonbury Festival attracted a television audience of millions, told Sky News: “Working as a musician can be seen as all glitz and glamour, but for the vast majority of artists, especially new and emerging, this is Not the case. It is often brutally unfair and, unfortunately, this also extends to correct payment.’
About the song: Sir Elton John (pictured) invested in the latest round of funding for Audoo, which aims to ensure artists get paid when their songs are played in public places.
He added that he has invested in Audoo to create a “more transparent system for everyone.”
The latest round of funding brings the total raised by Audoo since its founding in 2018 to £18 million.
Audoo has signed partnerships with organizations such as music licensing company PPL/PRS to track and report when songs are played and ensure artists receive proper payments.
Edwards said: “With Elton and David’s strategic investment, we will be able to continue to champion and deliver a fairer and more transparent music industry for creatives to benefit for generations to come.”