Sean Parker figures
Napster co-founder Sean Parker has returned to the music industry; he told The Information that he is playing by the rules this time. Parker had taken part in the $80 million rescue of Stability AI, which two years ago went through excessive spending and an internal crisis that led to the removal of its founder Emad Mostaque.
Prem Akkaraju measurements
Parker and his friend Prem Akkaraju, who is the CEO, aim to turn the company into an AI tool for music professionals. To this end, the company raised $76 million in funding at the end of August from investors including Sony, Warner and Universal; these companies licensed their catalogs for training under the deal.
Assessment note
Since then, Stability has released three new audio models and AI-powered music editing software. The AI can generate instrumental tracks or short clips with text commands; with an upcoming update, users will be able to guide it by humming a melody or beatboxing.