The music tech startup Family in Music has been chosen as one of the four winners of the Business Finland’s Growth Engine competition as the first company of its genre arising within the Finnish creative industry. Family in Music’s Open Creative project aims to create the world’s leading digital and data-based creative economy ecosystem, bringing together a diverse network of industry players while capturing significant global business towards its platform.
Family in Music is developing non-stop a platform that provides an international marketplace for music creators, artists, producers, copyright-owning and licensing companies. In the coming years, the service will be extended to the audiovisual sector and other creative services making the company the first of its kind.
“Digitalization has radically revolutionized the operating and earning patterns of the creative industries over the last 10 years. The value of the creative economy is increasingly relying on digital platforms such as Spotify, Facebook, TikTok, or Youtube, where music, videos, and art are created, shared, commented on, and refined,” says Juka Hynynen, CEO of Family in Music.
Through the platform, musicians and artists can expand their earnings for instance by protecting, managing, commercializing, selling, and licensing their copyrights.
“In practice, the network allows you to sell and buy, for example, music video production services and songs, or network with other songwriters or producers around the world,” says Hynynen.
When Family in Music started to take shape last spring, its service was aimed at the fastest-growing segment of the music industry globally, the independent artists working without any filiation to a record label company. Through the service, they could receive assistance for a monthly fee, for example, in music production, brand development, building international networks, and finding suitable partners and tools to develop their careers. Besides, the platform would offer commercial cooperation opportunities for synching.
The initial idea was that an artist could manage their entire music career through a single platform and that is the reason behind the company’s name: Family in Music.
Nowadays, things have changed for the better. Hynynen tells M&M that the Open Creative project will grow the company to meet the needs of the entire ecosystem, not just independent artists on their own feet. Some of the services are still aimed at this target, although other professionals and companies involved in the industry, such as recording and publishing companies, photographers or tour managers, are also wanted.
On the other hand, music users such as advertising agencies or gaming companies can purchase, license, or commission music through the platform.
“The platform will work as a suitable marketplace between all parties. Even lawyers who deal with music contracts can use Family in Music to sell their services to those in need, instead of letting the artist googling it to find their services while the artists are trying to understand what an effective contract must contain these days,” says Hynynen.
Growth engine projects aim at solutions to cope with global market changes and new growth areas emerging from Finland. To the winners of the competition, Business Finland granted a capital loan to build a business and create extensive network effects.
Supported by funding, Family in Music is launching a recruitment campaign today that will open 25 new jobs.
“It’s great to be able to immediately create a positive outlook for the future of music for us. The goal of the Open Creative project is to create significant new jobs and new international business in Finland, so we want to be the first to set an example here,” says Hynynen.
Since the beginning of the year, Family in Music has been recruiting diligently. The company now employs 27 people. The team is currently developing the product and Family in Music is scheduled to enter the market next year of 2021. With its final version website and platform being released in the spring, Family in Music already offers artists the opportunity to join a pre-launch user list. According to Hynynen, there are already several hundred registered on this list.
In terms of growth engines, Business Finland is meant for business ecosystems aiming at the new business of at least 1 billion Euros. The Growth Engine competition was held for the third time. This time, Business Finland asked for offers on data economy, circular economy, and low carbon emissions. The companies participated in the tender by submitting their bids, in which they described how the billion-dollar growth target of the ecosystem would be achieved and promised a return on the capital loan to be granted. A total of 24 proposals were received.
This year's competition was won by Family in Music, software companies Unikie and Vaadin, and the environmental technology company Lamor. The winners were granted a capital loan by Business Finland to build a business and create extensive network effects. Each company is committed to pursuing at least a billion euros in new innovation-driven business as a key company in their ecosystems, around which other players can build their own businesses too.
Read the original story on Finland's leading Marketing & Advertising portal M&M in Finnish here.