‘Red’ is definitely the theme of the day, with YouTube Red’s announcement and also news of recording studio Abbey Road’s plans for a music/tech startup incubator called Abbey Road Red.
It’s kicking off this month, with plans to host three music-related startups every six months.
“They will be able to work with the studio’s audio engineers, receive strategic and financial advice, and plug in to its network of contacts across the music industry,” reported the Financial Times, adding that the UMG-owned studio will take an equity stake of 1%-2% in each company, and sometimes will invest more.
“There are a lot of very cool start-ups out there and a lot of really exciting academic research, but there were no incubation schemes specifically for music,” said Abbey Road Red boss Jon Eades.
The first startup named for the scheme is Titan Reality, which is making an £800 gesture-controlled electronic instrument called the Pulse.