A startup named AI Music was recently acquired by Apple Inc., according to a source familiar with the matter. The startup utilises artificial intelligence to create customised music, and adds technology that could be employed to the entirety of its offered audio catalogue. The purchase of the London based startup, which was created in 2016, was completed recently. AI Music, before the purchase, has close to two-dozen employees.
AI Music’s now-inoperative website claimed that their technology could generate soundtracks using Artificial Intelligence and royalty-free music. The concept is to create dynamic audio tunes that alter and adapt based on the user’s interaction. For example, a video game song could alter to fit the ambiance, or workout music could adapt to the intensity of the user.
AI Music wrote on their LinkedIn page that they aim to “give consumers the power to choose the music they want, seamlessly edited to fit their needs or create dynamic solutions that adapt to fit their audiences.” The company had previously worked with advertising agencies to produce highly engaging advertisements that played customized audios based on its audience.
Although the deal is small in comparison, it is one of the very few purchases made by Apple in the last year. The last known acquisition by Apple was of Primephonic, which is also a music company. It was a typical streaming service which Apple plans to make into an app, affiliated with Apple Music.
Apple’s spending on acquisitions saw a dramatic decline in 2021, as per an October filing, with a mere $33 million dedicated to payment of deals in the fiscal year. This number is especially significant when seen in contrast to Apple’s $1.5 billion budget in 2020, and $624 million in 2019.