10 October 2023 , 13:25
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Sir Elton John, the renowned singer-songwriter who headlined this year's Glastonbury Festival, has invested in Audoo, a British music technology firm that aims to ensure artists receive fair royalty payments. This investment, made alongside his husband David Furnish, forms part of a £4.1 million round of funding.
Luke Lloyd-Davies from Rocket Entertainment Group also contributed to the investment, bringing Audoo's total funding to £17.9 million. Other notable investors in the firm include Sir Paul McCartney, through his MPL Ventures investment business, and Abba's Bjorn Ulvaeus.
Audoo was established in London by Ryan Edwards in 2018 with the goal of tracking song usage and collecting royalty payments.
Sir Elton commented on the investment, stating: "Working as a musician can be seen as all glitz and glamour but for the vast majority of artists, especially new and emerging acts, this isn't the case."
He added: "It's often brutally unfair and this sadly extends into being paid correctly. Right now, artists are not being paid accurately for their plays because the data simply doesn't exist. That's why we've invested in Audoo and their world-class technology and data, to help create a more transparent system for everyone, and ultimately to keep the music alive."
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Mr Edwards said this about the high-profile investment in his firm: "Being able to draw on the support of artists in our mission to revolutionise the royalty space has been key to Audoo's success, and we are incredibly proud to welcome even more icons to aid in the next stage of our journey."
"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."
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