Universal Music Group and ElevenLabs are getting into business. The label has struck an expansive licensing agreement with the AI audio startup that will see ElevenLabs launch an AI-powered music platform built on UMG’s catalog of artists. The platform will allow fans to remix and mashup artist tracks along with creating “new track interpretations” and “personalized vocal experiences,” according to the companies.
The platform is in addition to other AI audio products the two plan to create. ElevenLabs’ leadership in AI audio brings a new dimension to our growing ecosystem of partners committed to expanding what’s creatively and commercially possible for human artistry.” “AI opens up incredible possibilities for interacting with our favorite music and artists,” ElevenLabs co-founder and CEO Mati Staniszewski added. The ElevenLabs deal differs from UMG’s other deals with AI-powered music startups, including the remixing tool Hook and the AI music generator Udio, because it involves collaborating on an entirely new platform.
UMG and Sony Music Entertainment are still fighting Suno in court over alleged copyright infringement. ElevenLabs raised $500 million in a Series D funding round earlier this year at an $11 billion valuation — five months after the company, which launched in 2022, offered employees a $100 million tender offer at a $6.6 billion valuation. The company, known for licensing voices and intellectual property such as Hasbro’s suite of characters, has also delved into the music space.
It launched its first volume of “The Eleven Album,” a collection of original songs co-created with singers such as Liza Minelli and Art Garfunkel (and some AI-generated music artists) alongside an AI model to produce “studio-quality compositions.” It released its second volume in April.
Extract — continue reading at the source.
