Stockholm-based artist funding platform Corite and London-based, AI-driven talent discovery business Instrumental have announced a global collaboration.
Corite allows fans to invest in music and get rewarded in the form of royalties from the likes of Spotify and Apple Music.
It also enables artists to estimate the value of a song they have created based on their streaming history and future projections, before announcing the amount they want to raise, and setting a percentage of streaming royalties which investors will receive in return.
The platform was founded by industry veterans and Universal Music Group alumni Mathias Tengblad and Emil Angervall (pictured main).
Tengblad helped launch both UMG’s distribution platform Spinnup and its flagship branded streaming playlist network, Digster, while Angervall boasts two decades of experience in digital ventures at Universal Music Group, MTG, TV production and digital agencies.
Corite’s founders say that its system will “enable new artists to enter the music market without traditional record labels” as well as providing a platform for more established artists to distribute independent releases.
In addition to being a fan-funding platform, Corite also distributes artist music to various platforms including Spotify, Apple Music, Deezer, YouTube and TIDAL.
Corite’s early stage investors include Eastate, which is owned by the family behind East Capital Group; the latter is an investor in both Spotify and playlisting company X5, which sold to Warner Music Group in 2016.
Other investors include artist Danny Saucedo, artist manager Tomas Lööw and ex-Spotify exec, Sofie Grant. Tagehus, a third generation real estate and investment group, led the recent funding round and is said to have made a long-term financial commitment to Corite.
Instrumental was founded by ex-President of Warner Music Entertainment Conrad Withey and has a global client base that includes all three majors, Paradigm, Live Nation and a host of independent labels.
“WE ARE A PERFECT COMPLEMENT FOR CORITE AND THEIR EXCITING NEW PROPOSITION AND LOOK FORWARD TO A LONG, COLLABORATIVE PARTNERSHIP.”
CONRAD WITHEY, INSTRUMENTAL
Tengblad said: “Creating a new marketplace is a complex challenge and Instrumental can give us an advantage in identifying talent perfectly matched to our proposition.
“We are excited about how our partnership can grow in the months and years ahead”.
“INSTRUMENTAL’S DATA DRIVEN PLATFORM REALLY COMPLEMENT MY PERSONAL INDUSTRY NETWORK IN A TRULY UNIQUE WAY. I’M EXCITED TO GET GOING.”
MINNA FAGERSTEDT, CORITE
Minna Fagerstedt, Head of A&R at Corite, added: “Instrumental’s data driven platform really complement my personal industry network in a truly unique way. I’m excited to get going.”
“CREATING A NEW MARKETPLACE IS A COMPLEX CHALLENGE AND INSTRUMENTAL CAN GIVE US AN ADVANTAGE IN IDENTIFYING TALENT PERFECTLY MATCHED TO OUR PROPOSITION.”
Conrad Withey, CEO and co-founder of Instrumental, said: “Our mission is to match independent artists with the commercial partners they need to grow and sustain long term careers.
“We are a perfect complement for Corite and their exciting new proposition and look forward to a long, collaborative partnership.”Music Business Worldwide