AI-powered Snafu Records Officially Completes $ 6 Million Funding Round

The team behind Snafu Records. Photo credit: Snafu Records

Building on a nearly $ 3 million funding round from February 2020, AI-focused record label Snafu Records has officially raised an additional $ 6 million.

Three-year-old Snafu Records, which officially launched around the time of the aforementioned early 2020 funding round, recently unveiled its latest multi-million dollar raise. One Pophouse Ventures reportedly led the round, which also drew Support investors, including Agnetha Fältskog from ABBA. (In November 2020, Björn Ulvaeus entered the $ 7.1 million Series A of Audoo, headquartered in London.)

Stockholm and Los Angeles-based Snafu superiors plan to devote a key portion of the $ 6 million tranche to optimizing and expanding the initially noted artificial intelligence, which analyzes at north of one million projects (up from 150,000 originally) per week from unsigned acts, including media on YouTube, SoundCloud and Instagram. The tracks are then given an algorithmic score – with an emphasis on the technical similarities they share with today’s hits – and team members review a small number of the top-ranked songs.

Ankit Desai, a former streaming and strategy professional at Capitol Records, is the CEO of Snafu, and the company has worked with artists such as Gia Woods, iamnotshane, Sam MacPherson and BAYLI, to name a few. . It should be noted that these creators appear to have strong followers on streaming services, including over 200,000 monthly Spotify listeners each.

Additionally, Snafu unveiled an up-front royalty funding service, Fine Art (styled as “FinArt” on the entity’s website), as well as the artist collaboration platform Blurry. Creators can currently request invitations from these, while an “early access app” is available for the cash advance option. This request takes less than a minute to complete, according to Snafu, and invites each candidate to disclose an artist name, a link to a Spotify profile, identify “specific songs” to be authorized (with the option to leave the field empty) and identify its distributor (s).

The role of artificial intelligence in the music industry has grown significantly in recent years, with AI-powered MatchTune and BMG Production Music signing a major deal last May.

The deal allowed MatchTune to begin matching 15,000 BMG production music tracks with appropriate visual media projects using artificial intelligence. And most recently, BTS’s agency invested around $ 3.4 million in February 2021 in Supertone, a creator of AI voice replication technology and audio enhancement tools.

In other funding news, music sampling company Tracklib recently revealed that it has raised $ 12.2 million from investors – though some studies suggest music industry startups have suffered. a significant funding cut amid the COVID-19 pandemic.

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Ethel Nester

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