Wolfspeed Sues Navitas Over GaN and SiC Patent Infringement 
SK Hynix’s $28 Billion U.S. Share Sale Draws Massive Demand Amid AI Chip Boom 
Japanese Yen Rises as Pension Fund Plan and BOJ Rate Hike Bets Weigh on Dollar 
US Back-to-School Spending Seen Falling as Families Focus on Essentials 
Gold Prices Slip as Stronger Dollar, Fed Rate Outlook Weigh on Bullion 
Elon Musk Says Anthropic Leads AI Race as Claude Models Challenge OpenAI 
US Launches New Iran Strikes as Strait of Hormuz Conflict Escalates, Oil Prices Rise 
Zhipu AI Raises HK$31.37 Billion in Discounted Share Sale to Accelerate AI Growth 
Gordie Howe Bridge to Open July 27 After U.S.-Canada Reach Toll Revenue Agreement 
SK Hynix Soars 13% in Nasdaq Debut After Record $26.5 Billion IPO 
Netflix, Disney, YouTube Eye FIFA World Cup TV Rights in Multi-Billion Dollar Battle 
US Stock Futures Steady as Oil Prices Ease, Iran Talks Boost Market Sentiment 
Apple Tests China's CXMT Memory Chips as DRAM Maker Gains Global Market Share 
Chinese Chip Stocks Jump as Apple Reportedly Tests CXMT Memory Chips for China Devices 
OpenAI Executive Fidji Simo to Step Down Amid Health Challenges Ahead of IPO 
Dollar Slips After Fed Minutes as Iran Tensions, Inflation Risks Keep Markets Cautious 
Dollar Ends Week Higher as Yen Jumps on Japan Pension Fund Investment Plans 
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.
