🎵Napster Co-Founder Joins Stability AI to Build Music AI Tools
Stability AI gets a big boost from Napster's co-founder
TL;DR
Shawn Fanning, co-founder of Napster, joins Stability AI to lead the development of AI tools for the music industry, including $76M in funding from major labels and new audio models.
Shawn Fanning, the co-founder of Napster, has returned to the music industry by joining Stability AI as CEO. Two years ago, the company was on the brink of collapse due to overspending and internal issues, but received an $80 million rescue fund. Now, with $76 million in new funding from Sony, Warner, and Universal, Stability AI is building AI tools for music professionals, including three new audio models and AI music-editing software. The AI can generate instrumental tracks and snippets from text prompts, and an upcoming update will allow users to hum or beatbox to guide the AI.
Key Points
Stability AI received $80M in rescue funding two years ago to avoid collapse.
The company has since secured $76M in new funding from Sony, Warner, and Universal.
Stability AI aims to become the go-to AI toolmaker for music professionals.
Three new audio models and AI music-editing software have been released.
An upcoming update will allow users to hum or beatbox to guide AI music generation.
Why It Matters
If you're a music producer or engineer, Stability AI's new tools could change your workflow. Major labels backing the project means it's here to stay. But only those with high-end I/O needs will see the full benefits of the new models.
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