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Press Release - musicube secures funding for innovative music AI solutions

September 20th, 2021

HAMBURG, GERMANY – musicube, a leading provider of advanced artificial intelligence (AI) solutions for the music industry, today announced that it has completed a raise in the mid six-figure range, led by German investors including Holger Hübner, co-founder of the Wacken Open Air, one of the world’s largest Metal festivals. musicube plans to expand into the U.S. market and deliver more scalable solutions for the growing music streaming market. musicube’s technology generates more than 500 tags (moods, instruments, and more) for more than 47 million songs using its audio analysis AI. The company’s customers include Sony Music, Budde Music Publishing, Music Promotion Network (MPN), and PHONONET, among others.

Created by a team of musicologists and data scientists, musicube has emerged from the German audio and music-tech community to deliver deep semantic music search that enables music to be discovered more easily. Its software is delivered via web widgets and an Application Programming Interface (API) that delivers pristine metadata for music labels, publishers, streaming services, and broadcasters, among many other audiences. The musicube Playlist Generator enables users to create complex song playlists that can then be played on Spotify and, soon, on other services.

Agnes Chung, co-founder and head of business development for musicube, will deliver a keynote speech at the Reeperbahn Festival in Hamburg on Thursday, September 23rd at 2:30 pm on “How to Drive and Change Innovation in the Music Industry.” At 11:00am on the same day, musicube will present its Playlist Pitch Prediction at an MPN event.

“Today’s music listeners are stuck in filter bubbles, and nearly 90% of music is almost never heard as a result,” said David Hoga, founder and CEO of musicube. “The musicube mission is to enable music discovery and listening time for all music genres. We can help companies sort through complex data to make better decisions and create richer services and increase listening time.”

The value of music libraries and catalogues has increased with the continued growth of music streaming services. The International Federation of the Phonographic Industry (IFPI), in its most recent Global Music Report, stated that global music industry revenues grew by 7.4 percent in 2020, with more than 100 million people subscribing to services, creating a global subscriber base of 443 million. The Recording Industry Association of America (RIAA) announced earlier this year that the U.S. recorded music revenues grew 9.2% in 2020, up to $12.2 billion.

“We believe that the musicube Playlist Generator could be a game-changer for brands as well as labels, and streaming services,” said Hoga. “Our research shows that a healthy percentage – that is, 40 percent - of younger listeners would install a playlist generator app, and that is one reason why musicube now eyes the U.S. market.”

musicube’s technology can process metadata more rapidly and with greater degrees of contextualization to enable searches on moods, musical genres, and tempo, among other characteristics. The musicube value proposition lies in the company’s ability to sort through existing historical data and compile intelligence that is cross-service and cross-function.

“musicube solves the problem of missing discoverability and diversity in music. The team combines passion for music and technology – musicology meets AI,” said Holger Hübner. “musicube’s data and search functions help publishers, labels, streaming services and many more. In the end, artists and fans benefit the most. musicube’s results are impressive already and I look forward to the next steps.”

About musicube musicube helps good music to be heard. The company’s suite of music AI solutions deliver rich metadata for music labels, publishers, rights holders, and others who seek tools to enable discoverability or to discover nuances within music data. The company is comprised of experienced musicologists and data scientists, and is based in Hamburg, Germany. More information is available at www.musicu.be.