(UPDATED) Audium, the YouTube monetization platform for indie artists and rightsholders, has secured $2 million in Series A funding from within the music industry. Artists Jason Mraz and Jimmy Buffett, promoter and manager Bill Silva and Brett Gurewitz of Epitaph, Anti- and Bad Religion led a round that also includes TuneSat CEO Scott Schreer, Barnes & Noble CTO David Willen, Jonathan Siegal and the GSO Business Group.
Audiam launched in June of last year by Tunecore co-founders Jeff Price and Peter Wells; and received $500,000 in Angel funding in August.
"YouTube is a sponge, which if squeezed correctly, rains money," according to Price, Audiam's CEO. "The challenge is to create a cutting-edge, first-of-its-kind technology system built for the new digital music industry that can be applied to the analog world of antiquated, complex and confusing copyright."
The startup now represents a catalog of 100,000 songs, including works written or performed by Mraz, Dolly Parton, Pink Floyd, Daft Punk,Pretty Lights, Phil Collins, Graham Nash, Kayne West, 50 Cent, Bone Thugs and Harmony, Aimee Mann and Grizzly Bear. Clients include Imagem (major independent music publisher), Coral Reefer (Jimmy Buffet’s music publishing arm) and Ruthless Attack Muzick (NWA’s music publishing catalog).
"Audiam's got a value proposition where everyone wins: the user at home posting videos, the songwriter, the recording artist, the fan, YouTube, everyone," said Audiam investor Brett Gurewitz, founder and CEO, Epitaph, Anti- Records, Bad Religion.