The acquisition will enable SoundCloud to further use its data for identifying what’s next in music trends and talent
SoundCloud, an online music streaming platform, has acquired Musiio, a Singapore-based provider of artificial intelligence (AI) for the music industry, for an undisclosed price.
According to SoundCloud, the acquisition will help expand its existing music intelligence capabilities. Besides, it will enable the firm to further utilise its data for identifying what’s next in music trends as well as in talent.
Musiio was founded in 2018 by its British CEO Hazel Savage and Swedish CTO Aron Pettersson. Savage and Pettersson will continue to be an integral part of operations and the other Musiio’s employees will be fully integrated into SoundCloud.
Musiio’s technology is said to be focused on B2B audio reference search, playlisting tools, and automated tagging for the music industry.
The Singaporean company’s AI technology by “listening” to more tracks than normal people and identifying patterns and characteristics, enables users to better predict success. This, in turn, can boost their ‘hit-rate’ and eventually their revenue, said SoundCloud.
Musiio is expected to become core to the discovery experience of SoundCloud and help in identifying talent and trends ahead of all others.
SoundCloud president Eliah Seton said: “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 honoured to partner with Hazel and Aron and welcome the absolutely brilliant team of innovators at Musiio to the SoundCloud family.”
Established in 2007, SoundCloud is an artist-first platform that provides tools, services, and resources to artists to build and grow their careers. The company claims to have more than 300 million tracks from 30 million creators, which are heard in 190 countries.
Savage said: “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.”