What you need to know
- Soundcloud has announced that it has acquired music AI startup Musiio.
- The company plans to use the technology to bolster its music discovery features.
Soundcloud wants to make it easier to find what's up-and-coming in the world of music.
In a press release, the company announced that it has acquired Musiio in an effort to boost music discovery on its service. Musiio, which currently serves the B2B market, uses artificial intelligence to "listen" to music and offers automated tagging as well as playlist creation tools for the music industry.
By "listening" to more tracks than a human could ever comprehend and identifying characteristics and patterns, its AI allows users to better predict success, which in turn, can increase their 'hit-rate' and ultimately their revenue. With its leading product suite and by deeper integration with SoundCloud, Musiio will become core to SoundCloud's discovery experience and help to identify talent and trends ahead of anybody else.
Eliah Seton, President of SoundCloud, said that Musiio's technology will help the company "better understand how music is moving in a proprietary way."
"SoundCloud hosts more music from more creators than any platform on the planet. Acquiring Musiio accelerates our strategy to better understand how that music is moving in a proprietary way, which is critical to our success. We are honored to partner with Hazel and Aron and welcome the absolutely brilliant team of innovators at Musiio to the SoundCloud family."
Hazel Savage, CEO of Musiio, said that Soundcloud "is the future of the new, holistic music industry."
"SoundCloud is not only a legendary household name but also an artist forward business that I believe is the future of the new, holistic music industry. I am incredibly proud that after 4 years of building Musiio we are now part of SoundCloud."
We'll have to wait and see how Musiio's technology integrates with Soundcloud over time to experience the fruits of the acquisition.
