New York start-up Audiam has raised $2 million from music industry heavyweights for its service, which will help musicians be fairly compensated for use of their music on YouTube videos.
Audiam's core service is to scour YouTube videos to identify the use of music, inform YouTube to place ads on those videos and get musicians their fair share of ad money.
Audiam handles all license and administration wrangling, collects owed monies from YouTube and takes a 25% cut before paying the rest to its musician clientele.
The start-up has secured $2 million in funding from music industry heavyweights and already boasts a database of 100,000 songs from musicians as varied as Dolly Parton, Pink Floyd and Kanye West.
Audiam CEO Jeff Price says the service is positioned to be "a cutting-edge, first-of-its-kind technology system built for the new digital music industry that can be applied to the analog world of antiquated, complex and confusing copyright."
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