Audiam raises new $1-million funding round from strategic group

audiam logoRoyalty recovery firm Audiam has raised a $1-million funding round from a diverse coalition of investors in the music industry.

Audiam fills an unusual niche in the online music ecosystem, tracking down failed royalty payments, collecting them, and getting the money where it’s supposed to go. The solution derives from a little-publicized problem: Artists and songwriters do not always receive the licensing money due them from online audio services.

According to founder Jeff Price, there is not one music service which makes 100-percent complete and correct payments to rights-holders. A big part of the problem is lack of a reliable and comprehensive database that untangles the complex ownership of music, which is typically divided among songwriters, publishers, performers, labels, and other stakeholders. (Watch for our interview with Jeff Price tomorrow.)

Audiam’s mission is to find lost money and send it to its proper home. Accordingly, the investors in this round include over a dozen industry figures involved in music rights management and ownership — artists (e.g. Jason Mraz), management (e.g. Bill Silva), and booking agencies (e.g. Tom Windish).

Audiam’s client list includes top-brand artists like Metallica and Red Hot Chili Peppers, labels (Victory Records, Epitaph Records). Audiam founded the International Association of Music Publishers, which it operates as a company division.

Brad Hill