Photo Credit: Markus Spiske
Artificial intelligence “music provider” WAVs AI has announced a $20 million funding round and touted the anticipated arrival of “the next generation of music streaming.”
WAVs AI, which bills itself as “the world’s leading AI music provider” and says it counts as clients Apple Music, Amazon Music, and others, just recently revealed the sizable raise and adjacent expansion plans. New York City-headquartered Regal Investments (a division of Toronto’s Regal Holdings Canada) led the round and took the opportunity to underscore its commitment to “staying ahead of the curve in the ever-evolving music industry.”
“With an astute understanding of the industry’s trajectory, Regal envisions a future where established companies will face formidable challenges from AI-powered platforms,” the investment firm spelled out in its formal announcement message. “By investing in WAVs AI, Regal Investments aims to position itself at the forefront of this seismic shift, poised to reap the benefits of the next generation of music streaming.”
Currently live on WAVs AI’s platform are a number of prominent (AI-created) soundalike tracks, including collaborations between “WKND” and “Ariana Granday,” the former AI act and “Draik,” and others. Meanwhile, fans can with a click or a tap listen to a rendition of John Lennon’s “Imagine” from one “Ed Shairan” and Coldplay’s “Yellow” as performed by “Paul McCairtney.”
Also included – albeit without much featured content at the moment – on WAVs AI’s platform are podcast and community categories as well as a store tab. Interestingly, besides prompting listeners to sign up – an account isn’t necessary to access the ad-free tracks, however – the artificial intelligence music service’s homepage likewise encourages artists to “get verified now” and position themselves to be “paid royalties for likeness, AI recreations and more.”
Expanding upon the latter point, a WAVs AI “spokesperson” named Tyler Herrera in a statement didn’t hesitate to emphasize his company’s objective of continuing “to strike deals with artists and record labels, broaden our user base, and establish WAVs AI as a dominant force in the music streaming industry.”
And in remarks of his own, Regal Investments’ namesake Roble Regal rather directly proclaimed that the music space “is on the cusp of a revolution, driven by advancements in artificial intelligence.”
“I firmly believe that traditional music companies will be dethroned in the coming years by innovative AI-driven platforms,” continued Roble. “At Regal Investments, we are committed to identifying and supporting groundbreaking ventures that disrupt conventional norms. Our investment in WAVs AI reflects our determination to lead the way in this transformative era.”
Especially because AI soundalike tracks have largely been removed from streaming platforms like Spotify and Apple Music – while continuing to rack up millions of plays on YouTube and elsewhere – it’ll be worth monitoring the buildout of WAVs AI in the approaching months.
At present, artificial intelligence is beginning to make a splash in radio (with logic and evidence suggesting that AI “personalities” will become increasingly prevalent in the sphere moving forward), and the major labels are reportedly taking steps to stem the tide of unauthorized AI releases. But this initiative hasn’t stopped the Big Three from investing in artificial intelligence, which artists including Paul McCartney, Grimes, and others are embracing.