“The disruption of the music business is taking place now faster than ever before. The industry’s revenue logic and business models are changing due to digitalization. With an annual growth of 25 %, independent artists are globally the fastest growing segment in the music industry, bound to exceed revenues amounting to one billion dollars this year”, explains the founder and CEO of the company, Juka Hynynen.
Hannu Nissinen, former managing director and founder of Klinik, a Finnish startup in the healthcare sector with global success, has been appointed as the chief operating officer of the fast-growing company. Petri Matero, previously the chief strategy officer of the advertising agency Miller & Lean, will start as the company’s chief commercial officer. Juha Hynynen continues as the chief financial officer, with a successful track record in various senior roles in tech and online gaming companies, e.g. Sulake Corporation.
Independent artists are globally the fastest growing segment in the music industry.
The company currently employs 16 people and engages known industry influencers as an advisory board as well as angel investors. Amongst them are, e.g., ex-Rovio & Angry Birds director Peter Vesterbacka, “Mr. Music Business Finland” and ex-CEO & chairman of Universal Music Finland Gugi Kokljuschkin, and ex-CEO of Teosto – Finnish Composers’ Copyright Society – Ms. Katri Sipilä.
Family in Music is creating a new ecosystem for the music business, the focus is to answer to the needs of DIY artists and other independent players within the industry. The service is subscription-based, and it utilizes artificial intelligence in order to offer support, for example, in music production, developing artist brand, building international networks and scouting relevant partners, and finding the right tools. In addition, it offers opportunities for commercial partnerships, financing services as well as an alternative channel to music distribution, among the fastest one out there.
“Sweden has acted as an influencer in new trends in the music industry already for several years. Out of all the artists in Sweden’s TOP 50 chart in Spotify, 44 % were DIY artists at the end of 2019. We believe this trend to be a global phenomenon in the future. Our goal is to develop the world’s most up-to-date digital service for the new generation of artists”, Hynynen continues.
Our digital platform enables us to offer everyone the music marketing that used to be only reachable for major label artists.
“I can foresee huge opportunities in the digitalization of the music industry and in offering virtual AI-based A&R services, similar to the ones between doctors and patients in my previous startup in the medical sector. The democratization enabled by new technologies offers better tools to a growing number of artists and other music professionals to develop and improve their personal earning models”, comments the company’s COO Hannu Nissinen.
“We are on a mission to serve DIY artists with the best marketing and communication tools available. Our digital platform enables us to offer everyone the music marketing that used to be only reachable for major label artists”, adds the CCO Petri Matero. "Our digital platform enables us to offer everyone the music marketing that used to be only reachable for major label artists”
“The earning models within the digital music business are quickly starting to resemble those of the online gaming industry. Subscription packages may easily be tailored to the specific needs of different user groups to maximize their added value”, notes Juha Hynynen, the company’s CFO.