Paul McCartney to invest in music start-up Audoo
Former Beatle Sir Paul McCartney is reportedly among the investors financing music start-up Audoo.
McCartney – joining the likes of music firm Tileyard London and Abba singer Bjorn Ulvaeus – is behind the app’s £7.2m funding round, the Times reported.
In its pre-series B funding Audoo – which aims to revolutionise the royalty payment system through a metre device – raised £14m aiming to expand into the European and North American markets.
Audoo’s funding comes amid a climate of controversy regarding the role of streaming services and the actual amount paid to artists in royalties.
Recently, the UK Competition and Markets Authority (CMA) launched an inquiry into whether streaming apps offer fair and competitive services to both artists and listeners, City PM reported.
“The UK has a love affair with music and is home to many of the world’s most popular artists,” said CMA’s chief executive Andrea Coscelli. “We want to do everything we can to ensure that this sector is competitive, thriving and works in the interests of music lovers.”