Warner Music Group (WMG) has launched a seed-stage investment fund called WMG Boost. The fund is aimed at supporting ‘entrepreneurial growth and innovative thinking’ in the music industry.
According to WMG, the multimillion-dollar fund will be used to invest in early-stage businesses ‘within and adjacent to the recorded music business’, in areas ranging from AI, to blockchain, virtual reality, mobile gaming, voice, and more.
In addition to seed funding, startups will have access to WMG’s music industry expertise as they develop their products.
WMG has previously invested in the likes of Landr and Pexeso and is a founding member of startup accelerator, Techstars Music.
“WMG Boost is all about nurturing the diversity of ideas within the music ecosystem, especially at this meeting point between music and tech,” said Ole Obermann, Chief Digital Officer, Warner Music Group.
“This fund enables us to support thoughtful entrepreneurs, learn more about emerging business models, and invest in the creation of more opportunities for artists.”
In 2017, Universal Music Group (UMG) also launched a startup mentoring and funding programme called the Accelerator Network.