Please welcome HIFI, a financial rights organization for the music industry
Meet HIFI, the latest addition to Lerer Hippeau’s portfolio.
HQ: New York
Founder: Damian Manning
The problem: Technology and music have always engaged in a symbiotic path towards innovation and creativity. The first recording devices, synthesizers, and even records were a result of technological innovators. Likewise, the first computers and mobile devices prioritized music as a key feature. The way we produce, consume, and support music has changed dramatically in the last 10 years alone. Unfortunately, the financial side of the music industry and how artists earn a living from their work has not kept up. So emerges an opportunity to better serve and empower artists with business solutions and financial management products, tools, and services to support their income today and throughout their careers.
HIFI’s solution: HIFI is a financial rights organization for the music industry focused on helping its collective of music professionals achieve financial transparency and independence through education, advocacy, and tools. Its first product is a Royalties Dashboard which aggregates data from labels, distribution services, music publishers, and others to help artists stay on top of their earnings. Next in the pipeline: Cash Flow, a service that allows musicians to receive payment twice a month, akin to a salary, for royalties.
Origin story: Damian has been in and around music for decades, previously serving as VP of Digital Media at MTV, and holding other roles at the intersection of music, technology and entrepreneurship. With the official launch of its first product offerings, HIFI today opens up applications for membership.
Why we’re betting on it: Damian is a developer at heart and his combination of technical ability and extensive knowledge of the music industry is what sets him apart to build the tool that today’s artists have been missing. Since his time at MTV, Damian has returned to his roots in software and startups as an entrepreneur, investor, and advisor. Damian knows music better than almost anyone we’ve met and truly has the interests of artists in mind. We backed him to build something that empowers artists and ushers in a new era for the music industry.
Our take: Unlike 20 years ago, artists today have a myriad of ways to engage fans and make an income. Companies in our portfolio like Splice, which has paid out more than $25 million to artists, are one of many ways artists can supplement their earnings. Right now, payment comes from disparate avenues, such as dispersion of royalty checks, financial statements, and even via bank accounts. HIFI is here to solve for that and take the headache out of working with new revenue channels in the music landscape.
Further reading: “Matt Pincus-backed HIFI launches to help artists ‘actually see what they’re earning — and what they’re worth’” via Music Business Worldwide
