The evolution of UK-born artist services company Instrumental was originally best known as an innovative AI-powered A&R scouting app, helping the likes of frtyfve – the firm’s own in-house artist services division.
In short, rather than recommending hot independent artists to other companies, Instrumental (via frtyfve) is increasingly signing fast-rising indie acts itself, based off the data-crunching of its AI technology.
frtyfve is then helping these artists to progress their career by laying on record label-like services, including flexible funding options.
This strategy has noticeably intensified since Instrumental accepted a minority equity investment from China’s Tencent Holdings and Tencent Music in Q4 last year.
Today (July 27), Instrumental has confirmed that, in the first six months of 2021, it has invested over £3 million ($4 million) in independent artists.
This money has been drawn down from a $13 million fund for independent artists that Instrumental announced last year, shortly after closing the Tencent investment.
What’s more, Instrumental has also today confirmed that it is now offering artists full global distribution capability – bringing in-house a service it previously outsourced to $13 million Instrumental Music Fund (IMF), Withey added: “The IMF is giving us incredible flexibility in getting funding to growth stage artists just at the moment they need it – whether that’s to invest in making better music, digital marketing, content partnerships, collaborations or any number of things.”
For many in the music business, frtyfve is most famous as the company behind three charity singles by novelty act Ladbaby, each of which have hit the No.1 spot on the Official Singles Chart in consecutive years.
But perhaps the bigger story at the firm is the crop of rising indie artists who are thriving on TikTok, launch of a virtual live events space within online game Avakin Life – the New Music Society. This drew 10m visitors in the first two months to its virtual live shows and listening parties, including a special event for Pride featuring Todrick Hall.
“our strategic partnership with Tencent is an enormous part of that and this month we’re delighted to have locked in a new distribution arrangement with them for China.”
Conrad Withey, Instrumental
Said Conrad Withey: “There is a massive strategic focus at Instrumental on putting in place innovative partnerships with social media, tech and games companies that can open up new audiences to our artists.
“Of course our strategic partnership with Tencent is an enormous part of that and this month we’re delighted to have locked in a new distribution arrangement with them for China.”
Added Withey: “Our company now has a very pure, focused purpose and that is to change the music business to the benefit of independent artists. Only this month we saw calls from the UK Parliament to make the music business fairer for artists.
“Well the good news is companies like Instrumental are already doing that, delivering solutions that guarantee artists can retain control over their economics and rights without compromising on their ambitions to grow.”Music Business Worldwide