Sir Elton John’s cash injection boosts music royalties start-up Audoo

10 October 2023, 11:54

Sir Elton John at Glastonbury
Glastonbury Festival 2023. Picture: PA

The veteran singer-songwriter and husband David Furnish have backed the company as part of a 5 million US dollar (£4.1 million) funding round.

Sir Elton John has become the latest major musician to pump cash into a British music technology firm which helps artists receive fairer royalty payments.

The veteran singer-songwriter, who headlined this year’s Glastonbury Festival, and husband David Furnish have backed Audoo as part of 5 million US dollar (£4.1 million) funding round.

Luke Lloyd-Davies, of Rocket Entertainment Group, also helped support the investment, which has taken overall funding raised by Audoo to 22 million dollars (£17.9 million).

The cash injection adds Sir Elton and Mr Furnish to the firm’s list of investors alongside Sir Paul McCartney, through his MPL Ventures investment business, and Abba’s Bjorn Ulvaeus.

ABBA Voyage
Abba’s Bjorn Ulvaeus is among Audoo’s other investors (Yui Mok/PA)

Audoo was founded in London by Ryan Edwards in 2018 in order to track the use of songs and collect royalty payments.

Sir Elton said: “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.

“Right now, artists are not being paid accurately for their plays because the data simply doesn’t exist.

“That’s why we’ve invested in Audoo and their world-class technology and data, to help create a more transparent system for everyone, and ultimately to keep the music alive.”

Mr Edwards said: “Being able to draw on the support of artists in our mission to revolutionise the royalty space has been key to Audoo’s success, and we are incredibly proud to welcome even more icons to aid in the next stage of our journey.

“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.”

By Press Association

More Technology News

See more More Technology News

Cyber attack at major London hospitals

Hundreds of operations and appointments cancelled in week after NHS cyber attack

Labour said it would also ban the creation of sexually explicit deepfakes (PA)

Labour commits to introducing AI regulation for tech giants

Daniel Bedingfield

Pop star Daniel Bedingfield praises AI for capturing ‘soul’ of his music

Elon Musk, CEO of Tesla and SpaceX (PA)

Elon Musk says Tesla shareholders will vote to approve pay deal

Person wearing an Apple watch on their left wrist

Smart watches could help track Parkinson’s disease progression – study

A person's forefinger poised on the keyboard of a laptop computer

Gaming giant Steam facing £656m legal claim for ‘overcharging’ UK gamers

A group of schoolchildren standing around

Most children cannot name MP and fifth get political news from TikTok – survey

A person using a keyboard to sign into the X website on a laptop

Elon Musk confirms X will start hiding likes on posts

A technician working at Currys' Repair Centre in Newark, Nottinghamshire

Currys working to improve consumer trust in refurbished and repaired tech

Raspberry Pi 4 micro computer launch

Raspberry Pi shares jump 40% after London IPO

Apple WWDC event

Apple unveils generative AI assistant for iPhone, iPad and Mac at conference

ChatGPT on a MacBook

Apple keen on more deals with AI chatbots after link-up with ChatGPT

Elon Musk during an ‘in-conversation’ event

Elon Musk says he could ban Apple devices at his companies over OpenAI deal

Apple Intelligence writing tools

Apple Intelligence is ‘promising first step’ for firm’s AI tools, experts say


Genetics testing company 23andMe facing investigation over data breach

Apple Intelligence

Apple Intelligence: Tech giant unveils its new flagship generative AI tools