Stockholm based Corite and London-based artificial intelligence-driven talent discovery platform Instrumental have announced a global collaboration to identify emerging musicians on the verge of success on Corite's recently-launched fan funding service.
Founded by industry veterans and Universal Music Group alumni Mathias Tengblad and Emil Angervall (pictured above), Corite allows fans to invest in music and get rewarded in the form of royalties from sources including Spotify and Apple Music. It also enables artists to estimate the value of a song they have created based on their streaming history and future projections, before announcing the amount they want to raise, and setting a percentage of streaming royalties which investors will receive in return.
Corite also distributes artist music to various platforms including Spotify, Apple Music, Deezer, YouTube and TIDAL.
Instrumental was founded by ex-President of Warner Music Entertainment Conrad Withey and has a global client base that includes all three majors, Paradigm, Live Nation and a host of independent labels.
Commenting on the partnership, Tengblad said: “Creating a new marketplace is a complex challenge and Instrumental can give us an advantage in identifying talent perfectly matched to our proposition. We are excited about how our partnership can grow in the months and years ahead.”
Withey added: “Our mission is to match independent artists with the commercial partners they need to grow and sustain long term careers. We are a perfect complement for Corite and their exciting new proposition and look forward to a long, collaborative partnership.”