Startups That Will Shape the Future of the Music Industry

Whether you listen to K-Pop or jazz, music is a part of everyone’s daily lives. People want the right music to pair with their workouts, household chores or even with their plans to relax and unwind.

Fans and artists alike need to hear about how these startups are changing the way we engage with music!

Whether you listen to K-Pop or jazz, music is a part of everyone’s daily lives. People want the right music to pair with their workouts, household chores or even with their plans to relax and unwind. 

According to the International Federation of the Phonographic Industry’s Global Music report 2022, the global recorded music market grew by 7.2% in 2020 and 18.5% in 2021. Witnessing the growth of the music industry, startups within the space are looking for ways to innovate how music is produced and consumed. Curious to know more? Here is a list of some music startups that will influence the future of music in the years to come.

Beatoven.aiproviding royalty-free music to creators 

If you watch YouTube videos on a regular basis, chances are you have noticed that most videos have background music that matches the theme of their video. What you might not know is that finding this music can be a big challenge for the creators. This is where Beatoven.ai comes in. Beatoven.ai is an Indian startup that provides royalty-free music to creators. All a creator needs to do is select a new project, pick a genre preference and mood preference. Based on these preferences, Beatoven.ai will create an original soundtrack. The platform has currently raised US$1.05 million in funding so far.

AlphaBeats—helping users combat stress 

Some of us turn to music whenever we are feeling stressed or anxious. AlphaBeats is a Netherlands-based startup that combines healthcare and music to create a stress management platform. AlphaBeats measures your stress levels and plays music that relaxes your brain. Instead of simply giving you music from their own library, the platform allows you to pick songs that you like and augments them to make them more relaxing. The startup has currently raised US$715,000 in seed funding. 

Vampr—connecting musicians with each other

Vampr is a U.S.-based startup that is the equivalent of LinkedIn for musicians. The platform facilitates connections and collaborations between musicians. The platform has a paid subscription service called Vampr Pro that allows users to post unlimited songs and videos and also distribute their music on streaming platforms, like Spotify and Apple Music, and keep 100% of the royalties. It also has a publishing arm called Vampr Publishing which is a free service for musicians to distribute music with a 65/35 split of royalties in favor of the artist. Vampr is used by 1.1 million people in over 190 countries. The startup has raised US$3.3 million in funding. 

Musiio—using AI to categorize music

Musiio is a Singapore-based startup that uses AI to help music platforms categorize large volumes of music tracks based on genre, key, tempo and mood. Musiio categorizes 20,000 tracks per day and is used by 40 business-to-business (B2B) companies. In 2021, the startup launched the Tag app, a pay-as-you-go tagging tool that allows its clients to only pay for the tags that they need. Musiio also has a feature called Hit Potential that can help clients track the likelihood of a song’s success based on factors such as talent and melodic familiarity. Musiio has raised US$1 million in seed funding so far. 

Corite—helping artists raise funds for projects

Corite is a Sweden-based music streaming platform that also serves as a crowdfunding space for music projects. Fans can invest in the music of their favorite artists on Corite and earn a share of the streaming revenue. The platform has also created a cryptocurrency called the $CO token for the Corite CO platform. $CO token holders will get early access to invest in music projects and will also earn additional rewards for their participation in the governance of the Corite ecosystem. Corite has raised US$6.2 million in a private $CO token sale and US$6.9 million in seed funding.

Much like any other industry, music is also constantly evolving. From artists making NFTs of their songs and performing concerts in the metaverse to the unique services provided by the startups we discussed, technology is disrupting the industry for the better. 

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Header image courtesy of Unsplash

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