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ASCAP Lab highlights a quartet of early-stage music startups

Music rights giant ASCAP said today that a quartet of early-stage startups/university music projects will compete in its Immersive Music Studio Challenge. The 12-week project is a partnership between ASCAP Lab and NY Media Lab (NYCML) that offers the teams grants and access to development resources. They’ll also be showcasing at the upcoming ASCAP Experience.

It’s an interesting little cohort, aiming to tackle some wide-ranging music industry issues. Some have already laid out commercialization plans, while others essentially came together for the program and really haven’t thought that far down the road.

We spoke to the founding teams to get a better sense of the projects.

Boomy

Image Credits: Boomy

Who’s on your founding team?

Boomy was founded by serial music entrepreneur Alex Jae Mitchell and music industry veteran Matthew Cohen Santorelli in 2019.

Please describe your product. What problems in the market are you trying to address? 

Music-making is a complex skill requiring time, equipment and resources that most people don’t have. Boomy is an AI-powered music automation platform where people create and release music instantly, effortlessly, and for free — even if they’ve never made music before. Over 200,000 people are already using Boomy to create and release music, 85% of whom are first-time music makers.

Do you have any plans to commercialize? If so, what? Have you identified revenue streams?

Through the Boomy platform, users release albums to 40+ streaming services and digital retailers worldwide, including Spotify, TikTok, YouTube, Apple Music and more — all for free. Users keep an 80% share of the associated royalties, with the remaining 20% used by Boomy to power the free service.

What is your funding to date?

Boomy graduated from the Boost VC accelerator in 2019 and has raised follow-on funding from venture capital firms and

Article source: https://techcrunch.com/2021/07/28/ascap-lab-highlights-a-quartet-of-early-stage-music-startups/

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