ABBA’s Agnetha Fältskog Joins $ 6 Million Funding Round for AI-Powered Record Label Snafu Records
Snafu Records, a record label and A&R tool that uses artificial intelligence to discover new music, has finalized a $ 6 million fundraiser led by Pophouse Ventures, with the participation of TheVentureCollective, Agnetha Fältskog, member of ‘ABBA and Oscar and Grammy nominee Savan Kotecha.
The label also unveiled two new tools: Blurry, a collaboration platform for songwriting, and Fine.Art, a peer-to-peer funding program for emerging artists, both of which will launch this fall.
Since its launch in February 2020, Snafu has signed 45 artists on its platform, including several Grammy Award winners Hit-Boy and Grammy nominees NEVADA and Kosine.
The company also has Per Sundin, former CEO of UMG Nordics who signed Avicii and Tove Lo, and songwriter / producer Savan Kotecha as shareholders.
Using his own AI algorithm, Snafu says his goal with Blurry is to match songs created by producers and songwriters with major artists to create a “viral pop hit.”
Fine.Art (Finance for Artists), meanwhile, is a peer-to-peer financial service that allows artists to allocate a portion of their streaming income to invest in their peers.
The program is designed to help musicians build fairness in each other’s work by exchanging a portion of their future income for an upfront payment.
Snafu is using his new $ 6 million funding round to refine and refine his “talent identification algorithm,” which he says is “able to repeatedly predict which artists are most likely to show rapid growth and explosive follower in the future “.
Snafu’s algorithm analyzes new music on platforms such as Spotify, YouTube, and TikTok, and has gone from analyzing 150,000 undiscovered songs per week to over one million per week.
Snafu rates songs based on factors such as volume of growth, audience engagement, and the structure of the songs themselves.
The company claims that artists who sign with the label have access to Snafu’s network of industry experts, internal marketing team, and more.
“With Blurry, my hope is to find new talented people to work with.”
Albin Nedler, Snafu artist, producer and songwriter
Snafu Artist, Producer and Songwriter Albin Nedler said, “Every songwriter has a library of amazing songs that are just on a hard drive, waiting to find the right artist to perform them.
“With Blurry, my hope is to find new talented people to collaborate with whom I wouldn’t have had the chance to connect with otherwise.”
“Snafu focuses on the use of technology […] to enable the superstars of tomorrow.
Ankit Desai, Snafu
Ankit Desai, CEO and Founder of Snafu, said, “Snafu is focused on using technology as well as our amazing creative team to empower the superstars of tomorrow.
“Blrry and Fine Art will make it easier for emerging artists to achieve these goals by connecting songwriters with musicians and providing advancements for artists.
“I am excited to deploy these tools that leverage Snafu’s music discovery algorithms to help undiscovered talent impact the music industry and be fairly compensated in the process. “Music trade around the world