Sir Elton John has backed a music tech business that helps artists receive fairer royalty payments.
The pop legend and his husband, David Furnish, have invested in the latest £4.1million funding round for Audoo, which counts Abba’s Bjorn Ulvaeus and Sir Paul McCartney among its investors.
The company was founded by former musician Ryan Edwards five years ago to make sure performers are paid when their songs are played in public places such as shops and cafes.
Musicians lose out on as much as £2.5billion globally in missed royalties each year, according to the latest estimates.
Sir Elton, whose appearance at this year’s Glastonbury Festival drew a television audience of millions, told Sky News: ‘Working as a musician can be seen as all glitz and glamour but for the vast majority of artists, especially new and emerging acts, this isn’t the case. It’s often brutally unfair and this sadly extends into being paid correctly.’
On song: Sir Elton John (pictured) invested in the latest funding round for Audoo which aims to make sure performers are paid when their songs are played in public places
He added that he has invested in Audoo to create a ‘more transparent system for everyone’.
The latest funding round brings the total raised by Audoo since it was founded in 2018 to £18million.
Audoo has signed partnerships with organisations such as music licensing company PPL/PRS to track and report when songs are played, and make sure artists get the corresponding payments.
Edwards said: ‘With Elton and David’s strategic investment, we will be able to continue to champion and deliver a fairer, and more transparent music industry for creatives to benefit for generations to come.’
