The major labels, angel investors, venture capital execs and more that are putting their money behind the innovative ideas that could move the music industry forward.
Whether they’re angel investors offering startups tens of thousands or venture capital power players with hundreds of millions, some of the shrewdest minds in and around the music business are using their expertise to reinvest in the tools of its future.
In February, on his first quarterly earnings call as the new CEO of Warner Music Group , Robert Kyncl laid out a future of “meaningful upside” for the music business: “As technology opens up emerging economies, the industry’s addressable market will continue to expand even further,” Kyncl told analysts. On top of that, he added, “innovation is constantly creating new-use cases for music, giving us the opportunity to diversify our revenue sources.
In the last four years, WMG has invested in gaming platform Roblox, digital fashion retailer DRESSX and music generator Lifescore, which is powered by artificial intelligence . Sony Music Entertainment has backed another music creation platform, Tully; social platform Fave; and Techstars Music, an accelerator program that provided funding and mentorship to promising music technology startups.
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