Universal Music Group (UMG) reached a strategic agreement with ProRata.aia new company that enables AI production platforms to fractionally return and compensate content owners. Bill Gross, president of technology incubator Idealab Studio — which launched ProRata — will be CEO. ProRata's technology enables production AI platforms to attribute and share revenue on a per-use basis with content owners, while preventing “untrusted content from driving AI responses,” according to a press release. In addition, ProRata is building a consumer AI answer engine to be released this fall that will feature the company's attribution technology.
“Current AI answer engines are based on stealing, plagiarizing content,” said Gross, the inventor of the internet search-based pay-per-click monetization model. “This creates an environment where creators get nothing and misinformation thrives. ProRata is pro-writer, pro-artist and pro-consumer. Our technology allows creators to be credited and compensated, while consumers get accurate answers. This solution will lead to a broader movement across the AI industry.”
In his own statement, UMG's president/CEO Lucian Grainge said, “We are encouraged to see new business innovation being launched in the Generative AI space driven by goals that align with our own vision of how this revolutionary technology can be used ethically and positively while rewarding human creativity. Having reached a strategic agreement to help shape their efforts in the music category, we look forward to exploring all possible ways in which UMG can work with ProRata to further advance our shared goals and values.”
Along with UMG, ProRata has inked early deals with media publishers including Financial Times, The Atlantic and Luck.
In describing the technology, the announcement states: “ProRata's technology analyzes AI output, measures the value of contributed content and calculates proportional compensation. The company uses a proprietary algorithmic approach to score and determine performance. This method of attribution enables copyright holders to share the positives of the AI created with credit and compensation for their material on a per-use basis. Unlike streaming music or video, productive pay-per-use AI requires fractional performance as responses are generated using multiple content sources.
ProRata is in “advanced discussions” with additional news publishers, writers and media and entertainment companies. The company's leadership team and board of directors include executives who have held senior roles at Microsoft, Google and Meta, as well as Michael Lang, the chairman of Lang Media Group and one of the founders of Hulu. Early investors include Revolution Ventures, Prime Movers Lab and Mayfield.
Immersive technology, media and entertainment company Kosm raised more than $250 million in funding to advance the development of the 'Shared Reality' venues – described in a press release as an 'experience that seamlessly bridges the virtual and physical worlds by fusing state-of-the-art visuals with the energy and excitement of the crowd and increased food and beverage service.” The new funding round includes existing investors Steve Winn and Mirasol Capital and first time investors Avenue Sports Fund led by Mark Lasry, Dan Gilbert'small ROCK, Bailey Giffordand David Blitzer'small Bolt Ventures. Cosm will use the funds to scale, grow its technology and media business units and accelerate the development of more Cosm spaces globally. A second Cosm location is set to open in Dallas later this year, and a third in Atlanta was recently announced. “Cosm venues are a new paradigm in live sports, music and artistic entertainment,” he said Chris Eudaimon, chief investment officer at Baillie Gifford, in a statement. “The immersive viewing experience guarantees the Cosm customer the best seats in the arena and the best viewing angle at any time of the live event, at an affordable ticket price.”
HYBE Interactive Media (HYBE IM)the interactive media and games division of the famed K-pop company, raised $80 million in a round led by Makers Fund with participation from Investment IMM and parent company HYBE. The funds will be used to expand the company's game publishing and development efforts, allowing HYBE IM to invest in more games, introduce them to global markets, and strengthen the division's in-house development capabilities. HYBE IM's previously released titles include; Rhythm Hive and BTS Island: In SEOM. He has also signed publishing contracts for Macovill's OZ Re: write and Flint RPG Astra: Knights of Veda.
Believe acquired Doğan Music Company, Turkey's largest independent record label, four years after acquiring a 60% majority stake in the company in 2020. acquired the remaining 40% of the company for 38.3 million euros ($41.84 million). The transaction is pending approval from the competition regulator.
His British office Believe signed a global services deal with an electronic music brand fabric. Under the deal, Fabric joins the customer base of b:electronic, Believe's electronic music imprint and part of the company's label and artist solutions division. B:electronic will provide specialty label management, video and audience development, international editorial and marketing partnerships, and distribution for both catalog and new releases. Fabric's labels include Originals fabric, Records fabric and Houndstooth, with a new imprint expected to launch in the near future.
Beatchain works with the Indian Radio Network Radio City of India to launch Muzartdisco, a digital platform and app that will enable Indian artists to release and promote their music using Beatchain's A&R tool and artist services platform. Through the platform, artists can also compete for opportunities, including studio sessions. guidance? collaborations with established artists, writers and producers; radio campaigns, social media messages and other opportunities courtesy of Radio City India. and more. Meanwhile, A&R teams using the platform will be able to find artists using a custom filtering process that makes it easier to find talent that aligns with their mission and niche. According to a press release, Radio India is the country's leading radio network, with an audience of over 69 million across 39 cities.
Sports and entertainment collectibles company Panini America works with Rolling stones to produce the first set of fully licensed trading cards for the band. Titled Prizm The Rolling Stonesthe set will chronicle the Stones' 60-year history of recording and touring, with additional compilations to follow.
AEG presents works with Jacobs Entertainment — developer, owner and operator of gaming and entertainment facilities — at Globe Iron, a new 1,200-seat indoor venue in Cleveland that was once home to the Globe Iron Works Foundry built in 1853. AEG, which will operate and make exclusively reserved venue programming, already reserves and operates two other venues in Cleveland: the Agora Theater and Jacobs Pavilion.
Indie label The programled by Peter “SY” Pestanoentered into a joint venture with LLC4/Capitol Records to open up new artists, starting with Mexican-American rapper NHC Murda 60x. The consortium will be led by Orlando Wharton, executive vp at Capitol Music Group, president of Priority Records and CEO of LLC4. NHC Murda 60x and other Program artists will be allowed to go upstream under the deal.
Independent entertainment company Unity 7 Fun announced a distribution partnership with Forecast Music Group (The Orchard/Sony), which will provide global distribution, marketing and promotional support for Unity 7's roster of artists. The partnership will kick off with the release of hip-hop artist Alantra's debut single, “Get It,” which will be released on September 5th.
Ethically Trained AI Music Production Company Sonic collaborated with SoundCloud and Kaskade in an AI songwriting competition that will offer the winner the opportunity to perform alongside Kaskade and complete their winning track and be released by Kaskade as a featured artist.
from our partners at https://www.billboard.com/pro/universal-music-ai-startup-music-industry-deals/
