Warner Music Group has launched a new seed investment fund to help support entrepreneurs and innovation in the music industry.
The new multi-million dollar fund is called WMG Boost. The aim is to invest in early startups in the recorded music and music publishing industries.
Ole Obermann, Chief Digital Officer of WMG, says the new fund will be used to foster diversity and innovation.
“WMG Boost is all about nurturing the diversity of ideas within the music ecosystem, especially at this meeting point between music and tech. This fund enables us to support thoughtful entrepreneurs, learn more about emerging business models, and invest in the creation of more opportunities for artists.”
WMG Boost will reach a broad spectrum of ideas from artificial intelligence, the blockchain, mobile gaming, virtual reality, and voice recognition. Startups that receive seed funding from WMG Boost will also have access to WMG’s music industry expertise.
Warner Music Group is no stranger to investing in music industry. Just recently, the label group acquired Songkick, a platform that allows users to find local concerts — from indie shows in bars to mega-concerts at amphitheaters across the country. WMG has also invested in Landr and Pexeso, which are two music tech startups.
Right now, WMG Boost is looking for start-up applicants who are seeking seed funding for their projects.
The project will need to be in the pre-revenue through Series A stages to be considered for an investment of up to $1 million. WMG Boost will provide applicants with industry expertise upon being accepted as a funding partner for the startup.
Startups looking to apply for funding can upload review materials directly on the WMG Boost website. The website notes that WMG will not enter into any non-disclosure agreements concerning submissions — so don’t expect any confidentiality.
Then again, most investors hate non-disclosures, so get used to it!