HIFI Acquires The Music Fund And Outlines Plans To Integrate Artificial Intelligence Technology – EzAnime.net
HIFI has acquired The Music Fund due in part to the artificial intelligence technology of the artist funding platform. Photo credit: Markus Winkler
Music industry “financial rights organization” HIFI has acquired The Music Fund, which offers artists up-front payments in exchange for a portion of their streaming earnings.
Members-only HIFI recently revealed their purchase of The Music Fund (TMF), as well as the details of the transaction except the sale price. For reference, TMF was founded in 2017 and saw a surge in users last year as COVID-19 lockdown measures prevented musicians from performing live and making a living.
In short, The Music Fund allows artists who earn $ 5,000 or more per annual broadcast to sell a percentage (which the artists select) of their master royalty income over a two-year period. TMF then faces a lump sum payment, not a loan or advance, with no obligation on the part of the recipient, and the rights to the songs revert to the creator at the end of the agreed period.
New York City-based HIFI, on the other hand, offers its members – “Anyone who earns income from music royalties is a good candidate to join” – “the support and solutions they need to achieve financial and financial transparency. independence, ”according to the platform’s website. Such support and solutions include events, workshops, and “personalized financial products and services.”
Going back to the purchase of The Music Fund by HIFI, the senior management of the previous entity specifically seeks to integrate and develop the AI that allows artists to request and receive funds in approximately 24 hours through TMF, simply by entering their details of royalties and preference terms on the service website, by PYMNTS.
Music Fund Co-Founder and CEO John Funge, former Winton Chief Data Science Officer, will join the HIFI team as Chief Technology Officer, with TMF Co-Founder and Chief Technology Officer Thomas Jerde (formerly Senior Data Scientist and R&D manager of Knack.it) signing as vice president of data science at HIFI.
Notably, TMF’s sale to HIFI marks the third high-profile music industry deal involving AI-focused companies in the past week. Yesterday, song playback monitor Utopia Music acquired Musimap, an artificial intelligence-powered music classification and analysis entity backed by Quincy Jones, for example. Additionally, AI’s record label Snafu Records recently raised $ 6 million from investors, including ABBA’s Agnetha Fältskog, following a $ 3 million funding round in February 2020.
In other fundraising and acquisition news, Bandzoogle bought DJ website creation service SoundJam this week, while music licensing startup Lickd raised $ 7 million in support of Warner Music and others. Finally, music discovery and ticketing platform DICE announced the completion of a Series C of “up to $ 122 million.”