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Business News Digital
Audiam raises another million in finance from the industry
By Chris Cooke | Published on Tuesday 16 December 2014
Audiam, the digital rights company set up by Tunecore co-founders Jeff Price and Peter Wells, has raised another million dollars in investment from a group of individual strategic investors, including some key music business players.
According to Billboard, the company’s backers now include the likes of Tom Windish of the Windish Agency; Cliff-Burnstein, co-founder of Q Prime Management; Mark Geiger, and Berkely Reinhold of William Morris Endeavor; Victory Records owner Tony Brummel; Distrokid founder Philip Kaplan; Bill Silva of Bill Silva Entertainment; manager Tom Atencio and artists Jason Mraz and Jimmy Buffett.
As previously reported, Audiam was set up to help publishers and songwriters better manage the royalties they are due from digital services, initially focusing on YouTube but since moving into the wider streaming music space. Its client base now includes songwriters direct as well as labels and publishers.
Commenting on the business in which he is investing, Atencio said: “Price has identified a segment very early where there is opportunity because of all the streams that are not being fully paid out. You will notice that all the investors are from the music industry. Private equity and venture capital don’t understand this business; its better to go with strategic investors”.
