HIFI Acquires The Music Fund, Outlines Plans to Combine AI Know-how


AI-Main.jpgAI-Main.jpg HIFI has acquired The Music Fund due partially to the artist-funding platform’s AI expertise. Picture Credit score: Markus Winkler

Music-industry “monetary rights group” HIFI has acquired The Music Fund, which affords artists upfront funds in trade for a portion of their streaming earnings.

Members-only HIFI only in the near past unveiled its buyout of The Music Fund (TMF) – in addition to the transaction’s specifics, excepting the sale value. For reference, TMF was based in 2017 and skilled a usership enhance final 12 months, as COVID-19 lockdown measures prevented musicians from performing dwell and making a dwelling.

Briefly, The Music Fund permits artists who earn $5,000 or extra from streaming yearly to promote a proportion (which artists choose) of their master-royalty earnings for a two-year interval. TMF then fronts a lump-sum fee – not a mortgage or an advance, with no obligation on the recipient’s finish – and the track rights revert to the creator on the finish of the agreed-upon window.

New York Metropolis-headquartered HIFI, then again, affords its members – “anybody who earns earnings from music royalties is an efficient candidate to hitch” – “the help and options they should obtain monetary transparency and independence,” based on the platform’s web site. Stated help and options embrace occasions, workshops, and “customized monetary services and products.”

Again to HIFI’s buy of The Music Fund, higher-ups on the former entity are particularly seeking to combine and construct upon the AI that enables artists to use for and obtain funding in about 24 hours by way of TMF, just by coming into their royalty particulars and most well-liked phrases on the service’s web site, per PYMNTS.

The Music Fund co-founder and CEO John Funge – previously director of information science for Winton – is ready to hitch the HIFI crew as chief expertise officer, with TMF co-founder and CTO Thomas Jerde (beforehand a senior knowledge scientist and R&D supervisor for Knack.it) signing on as HIFI’s VP of information science.

Notably, TMF’s sale to HIFI marks the third high-profile music-industry deal involving AI-focused corporations within the final week or so. Yesterday, song-play monitor Utopia Music acquired Musimap, an AI-powered music-analysis and -classification entity backed by Quincy Jones, as an illustration. Plus, AI file label Snafu Information not too long ago raised $6 million from traders together with ABBA’s Agnetha Fältskog, following a $3 million funding spherical in February of 2020.

In different acquisition and fundraising information, Bandzoogle purchased DJ website-creation service SoundJam this week, whereas music-licensing startup Lickd garnered $7 million in help from Warner Music and others. Lastly, ticketing and music-discovery platform DICE introduced the completion of an “as much as $122 million” Sequence C.


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