A new L.A. and STOCKHOLM-based, “AI-enabled” indie label, SNAFU RECORDS, has launched with $2.9 million in seed funding, according to MUSIC BUSINESS WORLDWIDE.
The company claims to be “the first full-service record label built on AI-music discovery” and is operated by “technologists, A&R’s, producers, and creatives” from UMG, SONY/ATV, BMG, and CAPITOL who have worked with the likes of ARIANA GRANDE, SHAWN MENDES and DAVID GUETTA.
Since MARCH 2018, SNAFU RECORDS has signed 16 artists in addition to having secured $2.9m in venture capital from a variety of venture funds, along with investors such as ABBA’s AGNETHA FALTSKOG and WME’s SAMANTHA HEGEDUS STEWART, among others.
The label’s proprietary algorithms analyze all open platforms like SPOTIFY, SOUNDCLOUD, YOUTUBE and TIKTOK, encompassing 150,000 unsigned tracks each week, identifying “undervalued” independent artists within the first two to nine days of a release, compared to what SNAFU says takes traditional labels four six weeks on average.
SNAFU RECORDS founder/CEO ANKH DESAI spent five years between UMG in STOCKHOLM and CAPITOL RECORDS in L.A ., building algorithms to predict hits.
He was involved in the development and marketing of stars such as AVICII, LOGIC, MIKE POSNER and SWEDISH HOUSE MAFIA.
CARL FALK, SNAFU RECORDS Head of Creative, is a songwriter and producer who has written for MADONNA, ONE DIRECTION and NICKI MINAJ. ,
Early SNAFU RECORDS discoveries’ include a duo called JOAN, who had 2,000 followers, and were discovered and signed on day two of their first song release. They’ve since hit over 20 million cross-platform streams.
Jazz artist MISHKAT’s “Fades Away” was streamed over 5 million times in five weeks since its release.
Added DESAI: “We started SNAFU RECORDS because we wanted to build a bridge for the thousands of artists out there whose music the world is dying to hear, but don’t get a chance.
“Since launch, we’ve already utilized our technology to identify, sign, and help artists from ARKANSAS to INDIA, from STOCKHOLM to SINGAPORE, all while being based in STOCKHOLM and L.A.”