Startup Stories: Audoo
Audoo is a technology company making waves in the music industry by transforming how music royalties are distributed to artists and songwriters. By accurately monitoring and reporting music played in public venues like shops, restaurants, clubs, and stadiums, Audoo is ensuring that the right creators get paid fairly and accurately.
For a long time, tracking music played in public places was a challenge, leading to inaccurate royalty payments made on a sample set basis. This often resulted in royalties ending up in the wrong creators’ hands. Audoo’s solution to this problem is the innovative Audoo Audio Meter™. This multi-patented, small, plug-and-play hardware device has been developed by Audoo’s in-house team and is currently deployed across locations in over 14 countries, improving transparency and accuracy in royalty payments for artists and songwriters at all levels.
Recent Developments
Audoo’s products have scaled globally, now being live in 15 countries across four continents. They are collaborating with some of the leading performing right organizations, music labels, and publishers. Recently, the company has gained significant traction with support from notable figures in the music industry, such as Sir Elton John and Björn Ulvaeus (from ABBA), validating Audoo’s significant impact across the music industry’s value chain.
Distinctive Features
Audoo stands out in the music reporting domain, particularly focusing on public performance, where they have no direct competition. Their pioneering approach addresses longstanding challenges with a solution that is more scalable and cost-effective than that of indirect competitors in general music recognition technology. Audoo also prioritizes privacy, ensuring that their Audio Meter is entirely GDPR compliant with no audio ever transmitted or stored, setting them apart from others in the market.
Future Goals
With rapid expansion, Audoo’s next major goal is the North American market, having already launched operations in Denver. They are also driving significant growth in Africa and Asia.
Growth Journey
The company has experienced organic growth, mainly across Europe and Australasia. Interestingly, Australia was the first market they launched in during the COVID-19 pandemic, as there were no restrictions in place at the time. Audoo managed to deploy their Audio Meters internationally from their UK-based home offices.
Intellectual Property (IP) Strategy
Evolution of IP Approach
Audoo’s IP strategy has evolved in collaboration with expert advisors. Beginning with trademarks for their original brand name, they secured protection for their unique in-house technology developments as the company expanded. Each iteration of technology was assessed for protection as the company and its offerings evolved.
Insights on IP
A key learning for Audoo has been the length and complexity of the patent process. Having supportive IP advice has been invaluable in navigating the intricacies involved.
Maximizing IP Value
Audoo continually adapts its IP strategy based on client and market needs, ensuring that innovative developments are effectively protected to maximize value.
IP and Investment
Role of IP in Supporting Investment
Intellectual property has been crucial in securing investment. The lead investor’s due diligence focused significantly on IP, referred to as ‘IP Defence’. Demonstrating secured trademarks, patents pending, and patents across various territories has emphasized the robustness of Audoo’s business model and its potential for market impact.
Highlighting IP Value to Investors
Audoo demonstrates its technology and provides evidence of market demand to underline its IP’s strategic value. The growing traction across markets supports the need for Audoo’s solution and showcases the IP’s pivotal role.
Investor Feedback and IP Strategy
So far, investor feedback has not prompted any changes to Audoo’s IP strategy, which continues to receive positive validation.
Investor Understanding of IP
Audoo believes it is essential for investors to recognize the significance of IP in safeguarding and valuing a business. While the process is long and detailed, engaging with proficient IP professionals and trusting the process is crucial for successfully navigating IP-related complexities.
In conclusion, Audoo’s dedication to innovation and IP strategy has played a significant role in its rapid global expansion and in securing investor confidence. As the company continues to grow and launch into new markets, their commitment to accurate royalty distribution and music industry transformation remains unwavering.
