AudioDraft Opens Up Platform For Audio Professionals
Most people are familiar with all the convoluted rights challenges around owning music they've purchased, but the problem is only extrapolated for those producing music. Many freelance artists join collection societies like ASCAP, BMI, SESAC, and Teosto. These organizations were created for keeping track of licensing, collecting and distributing income from the performance and the duplication of compositions. It makes sense for music creators so they can better monetize their works. But when new innovations like Audiodraft come around, it has added a some friction to getting their audio crowdsourcing platform to be a tool of choice for professionals.
Collection societies exist to give musicians a central organization that will take care of their rights. For example, if a composition is broadcast on TV or radio, the songwriter of that composition is entitled to public performance royalties from the broadcaster. The organizations that collect license fees from broadcasters and distribute these funds back to songwriters in the form of public performance royalties are called performance rights organizations.
Spending Your Tekes Financing
Before applying for Tekes financing, you need to know how Tekes' money can be used. When you apply for financing, you will meet with your Tekes representative to come up with your own spending plan, which will dictate what you're allowed to spend Tekes' money on. It's been described by the entrepreneurs I've talked to as a flexible enough system as long as you confirm new expenses not included in your plan with your Tekes representative before spending any money. Last month, Elina Arpponen gave an example of not including travel costs in her original plan, but luckily she was able to re-allocate expenses with just an email to her representative.
As mentioned earlier in this series, Tekes doesn't give you money upfront to spend. Tekes reimburses entrepreneurs' receipts that stick to the funding plan laid out with their Tekes representative. But generally speaking, Tekes money can be used for any costs associated to research, development, and innovation activities. These include costs like:
