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CJ ENM announced it has invested again to buy a stake in POZAlabs, a South Korean tech start-up firm involves in music composition using artificial intelligence or AI. The amount of its latest investment was not posted.
While the financial terms for the stake acquisition in POZAlabs were not disclosed, it was revealed that CJ ENM has become the second-largest stakeholder in the music tech company, next to POZAlabs’ chief executive officer, Huh Won Gil.
As per Korea Joongang Daily, the start-up was established in 2018, and within four years since its founding, it was able to create a music composing algorithm that composes music based on the desired mood, style, instrument, and atmosphere.
POZAlabs said that its AI music composer is not intended to replace or compete with human composers. Rather, its goal is to provide assistance to them by maximizing their efficiency through the use of the application.
The company has been getting huge attention in the digital music market because of what it can do. Most people are expressing interest in its cutting-edge AI technology that can create customized song pieces for each user.
POZAlabs also launched its subscription service called viodio. It gives users unlimited access to a copyright-free music catalog for only KRW12,900 or about $9, but this rate is for individuals only, and it charges KRW39,900 for corporate accounts.
“The creative infrastructure will be strengthened and new businesses will gain momentum through collaboration with Forza Labs, which possesses unrivaled technology so I will carry on,” a CJ ENM official said in a press release.
The company also stated, “Through this investment, it is possible to build CJ ENM's own AI music library by securing the copyright and ownership of the AI sound source created in collaboration with Forza Labs in the future.”
CJ ENM is planning to use the music created through POZAlabs AI music composer for its broadcast programs and content for global distribution. Having the AI sound library will also allow the company to save on time and cost, so the purchase of a stake in the company is a good investment. Lastly, the entertainment firm is also planning to expand the application of this music technology to future projects, including the creation of metaverse content.
