Beatdapp, the leading fraud detection company in the music industry, today announced new partnerships with SoundExchange and Napster as well as a strategic collaboration with Universal Music Group. The company continues to gain momentum, bringing in new partners on the heels of a $17M USD financing round.
The addition of SoundExchange and Napster to its roster of partners solidifies Beatdapp’s position as a leading fraud detection company for the global music industry. In 2023, Beatdapp reached key milestones including analyzing more than two trillion streams and twenty trillion data points, onboarding key clients, and raising $17 million USD, and is poised for exponential growth in 2024 and beyond. The financing will be strategically invested in hiring senior leaders, expanding the data science and technical teams, and entering new markets including Asia, India, and Europe where Beatdapp will provide the global music industry the most advanced solutions to combat streaming fraud.
“Our mission at Beatdapp is to protect the economic wellbeing of the global music streaming industry and put an end to streaming fraud. As a neutral third party, Beatdapp is the impartial provider of objective analysis that our growing roster of clients can count on to get fraud detection. This new funding allows us to deploy the most sophisticated fraud detection models, built on an industry leading data set, and further enhances our reach to meet growing market demand for our capabilities across all corners of the globe,” said Beatdapp Co-CEOs Andrew Batey and Morgan Hayduk. “We’re very pleased to welcome Larry Fichtner and Jamie King as investors and to our board. Jamie’s experience building a category defining, multi-billion-dollar fraud detection business is invaluable as we grow our network of partners and take our company to the next level.”
Beatdapp’s technology has proven invaluable and effective in combating streaming fraud for its five core categories of customers: DSPs, music labels, collection societies, creator tool services, and music distributors. With a false positive rate below 0.001%, Beatdapp can ensure legitimate artists are protected, while fraud is eliminated.
“As the world leader in music-based entertainment, UMG is pleased to support the dynamic team at Beatdapp, as we work to maximize compensation for artists and songwriters and the music that fans value the most. While streaming has been the most significant technology advancement in music in many years, fraud fueled by a flood of uploads with no meaningful engagement, including non-artist noise content, has necessitated a more sophisticated, coordinated, proactive approach to mitigating streaming fraud, to foster a thriving music ecosystem. We must ensure we are supporting legitimate artistry, and deterring those who seek to abuse the open, global music industry,” said Michael Nash, Chief Digital Officer & Executive Vice President, Universal Music Group.
Streaming fraud impacts every corner of the global music industry. By addressing this challenge head-on, Beatdapp is working with partners to foster a healthier music ecosystem where creators and rightsholders are compensated fairly, and fans can enjoy the best streaming experience.
“Napster believes that streaming fraud is an industry-wide problem that requires an industry-wide solution to ensure that the correct royalties are reported and paid to the legitimate artists and songwriters who bring us the music we love. Napster’s view is that there should be consistency across the industry in respect of whether certain activity does or does not constitute streaming fraud. As such, rather than continuing to address the scourge of streaming fraud using its own internal resources, Napster wanted a partner who was well respected by music rights-holders who would deliver robust and impartial results and who would act as a deterrent to those committing streaming fraud. Beatdapp was the obvious choice. Napster has been thrilled to work with the Beatdapp team for over a year and could not be happier with the Beatdapp team’s collaborative approach and the consistent, timely and supportable results,” said Matt Eccles, SVP and General Counsel, Napster.
Beatdapp’s message to fraudsters is simple: you’re on notice. The company is closing loopholes at every point across the streaming value chain to ensure that artists and rights holders are compensated fairly for their lifetimes of hard work and dedication. To learn more, please visit beatdapp.com.
About Beatdapp
Beatdapp is a venture backed streaming fraud detection company focused on eliminating streaming fraud and ensuring fair compensation for artists. The company is headquartered in Vancouver, B.C, with offices in Los Angeles and Toronto focused. With its leading technology and team of experts, Beatdapp is set to revolutionize the music industry by providing accurate and transparent streaming data for the music industry that is expected to reach 1.2 billion paid consumers and generate $75 billion in revenue by 2030.
Founded by industry and technology veterans Pouria Assadipour, Andrew Batey and Morgan Hayduk, Beatdapp has emerged as a leading music technology company with deep domain expertise, customer empathy, and the technical ability to solve the most challenging problems presented by the explosion of streamed music consumption worldwide.
Beatdapp is the trusted partner of streaming services, music labels, collection societies, creator tools services, and distributors.
About Universal Music Group
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group visit www.universalmusic.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240119083306/en/