Amidst the ongoing debate surrounding generative A.I. and its potential negative impact on creators, Snafu Records, a Swedish innovator, is taking a different approach. Instead of replacing human artists, Snafu Records is utilizing artificial intelligence (A.I.) to identify, uplift, and invest in them.
In an exciting announcement, Snafu Records has revealed a $7 million round of funding in equity and credit. Pophouse Entertainment led the round, joined by renowned music manager Marc Jordan through his investment fund Blue Amber Investments, multi-platinum artist LP, Supercell co-founder Mikko Kodisoja, and Danish VC firm Blackwood Ventures. This funding serves as validation for Snafu Record's existing label success and the enthusiasm surrounding its newly launched SongFund.
At the heart of Snafu Records' efforts is an A.I. tool affectionately dubbed 'EMMA.' Trained to identify undervalued artists using a broad range of metrics, 'EMMA' has already discovered numerous rising stars for Snafu Records. One such success story is iamnotshane, whose TikTok hit song 'maybe my soulmate died' has amassed over 75 million streams since its release last year.
CEO and Founder of Snafu Records, Ankit Desai, explains their approach: "When we founded Snafu, we recognized that A.I. could be a catalyst for change in the music world. As creators at heart, we wanted to leverage this technology to uplift the numerous talented artists worldwide. Rather than focusing on generative A.I., our intent has always been to craft algorithms that spotlight undervalued talent across the globe."
Furthermore, Snafu Records has extended the use of its A.I. algorithm, EMMA, to identify existing strong catalogues that have the potential to reach wider audiences. Through the Snafu Song Fund, the company invests in these artists by providing upfront cash advances and implementing catalogue growth strategies. This financial support empowers artists from various genres and geographies to focus on creating new music.
Mira Howard, who leads the Snafu Song Fund, shares the positive response they have received: "In just a few months, we've paid almost $2 million in advances to independent artists. What's more, many of them, including Edo and Jo and Matt Duncan, have more than doubled their monthly listenership since joining Snafu's Song Fund. We are excited about what lies ahead."
Marc Jordan, a manager and investor in Snafu Records, recognises the financial challenges faced by independent artists. He believes that leveraging A.I. to identify artists for financial support paves the way for the future of the music industry, enabling more artists to make a living from their art.
In an industry where A.I. often raises concerns about its impact on human creativity, Snafu Records and initiatives like the Snafu Song Fund showcase how A.I. can become an ally, amplifying the voices of talented creators who might otherwise remain unheard.
Connect with Snafu Records: https://www.snafurecords.com/