Mushroom Group chief executive Matt Gudinski has joined a chorus of investors collectively tipping $10 million into Australian technology start-up Disco, as music labels search for efficiencies in the face of revenue challenges and a highly competitive global streaming landscape.given the recent wave of festival cancellations, venues closures and new difficulties in reaching audiences amid the rise of TikTok.
“Everyone has seen there’s a real gap and a real need for this. Everyone was using different systems, we might have had the same file saved 30 times across people’s computers. This is a centralised location that everyone can access, it’s a better way to do it.“The main benefit with Disco is definitely in the efficiency. It’s saving people’s time, it’s more cost-effective, and investing in start-ups like Disco is definitely part of Mushroom’s strategy going forward.
Disco founder and CEO Karl Richter said the start-up had posted revenue growth of about 30 per cent year-on-year since its inception. He did not disclose Disco’s valuation but said the funding would be used towards amping up its suite of artificial intelligence discovery features. The company’s chief operating officer, Pete Nicholson, said that while there was a lot of anxiety in the music industry about how AI will be used, in Disco’s case, it could be used to automatically identify characteristics of songs that would otherwise take humans hours. A team making a Netflix show could, for example, use AI to more easily find the perfect song to fit a particular scene.
After laying off 27 per cent of its workforce, or “Linkies”, last year amid a start-up downturn, it recently went on a hiring spree to land US-based senior executives, poaching Snap’s former vice president of engineering, Farnaz Azmoodeh, to serve as chief technology officer, plus former Airbnb executive Jiaona “JZ” Zhang to serve as its chief product officer.
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