Wavetick founder Sharooz Raoofi.
The IMI 8th May 2024

'Music rights have been managed so archaically for years. If human creators are to flourish as licensors, we must modernise'

Music tech entrepreneur Sharooz Raoofi is aiming to disrupt the music licensing space with his new Wavetick platform, which offers a minimum 87.5% share of income to sellers and instant payouts...

At the start of last month, Wavetick launched its full online music licensing marketplace aiming to empower music sellers and buyers with a simple, customisable process and fast “industry-leading” payments.

How industry-leading? The company, founded by music tech entrepreneur Sharooz Raoofi, offers a minimum 87.5% share of income to music sellers with instant payouts and no upfront costs for creators.

Creators are also able to decide on exactly which rights to grant under what terms, across six different package types. Works can be sold for one-off, limited or unlimited use and each work sold on Wavetick has custom licensable rights attached to it.

The company’s own in-house library hosts over 10,000 individual sound samples and 300 tracks with stems, with one license fee that covers every usage type, with no expectations – from TikTok to pro-broadcast.

Wavetick’s beta phase saw it facilitate some 600,000 individual sound sample downloads.

Upon announcing the platform’s transition from an extensive beta period, Raoofi said that Wavetick is challenging “traditional models that have a stranglehold on aspiring talent”, arguing that convoluted routes to successful licensing and payments are to blame for many talented artists and producers being left undiscovered.

We caught up with Raoofi after the platform’s full launch to learn more about Wavetick and the company’s ambitions…

What were the takeaways of the beta phase that informed the full launch?

We had a great opportunity to evaluate the needs and wants of both our beat seller and music user customers. It’s not always immediately obvious to see where licensable music or sample usage lies, particularly when introducing variables such as limited edition and one-off license types. We liaised regularly with both sets of users and had a fantastic idea of how UX and usage terms could be refined to really serve all our users’ individual needs.

 

What problem are you seeking to remedy with Wavetick?

Two problems actually – Firstly we want to make it as easy as possible to for creators of music to license their work directly to users of music – so in other words, if there are loops, unfinished tracks or legitimately created samples sitting on a producer’s hard drive never to see the light of day, we want to encourage them to sell those on our site make the terms as easy as possible to understand – to users who could potentially use them to build new songs or sync, but also know exactly what and how they are licensing these works.

Secondly, we want to encourage users of music to discover new ARTIST focused talent – no AI, no heavily mined samples that millions of other users have access to on subscription service – the nature of our platform and allowing the buying and selling of limited edition works means a music user could have access to an entire new catalogue of sounds and tracks nobody has – from one-off backing tracks through to 1 of an edition of limited sample packs.

What levels of artist creator has the platform attracted to date?

We’ve had everyone from hyper established hip-hop producers, through to fledging sample labels, and well known sounds labels who have chosen us as their primary “distributor” and of course our own catalogue, wholly and exclusively created by leading producers and writers in our network,  for the purpose of premium license.

 

Do you have any insight into the use cases licenses being bought for? If so, what have been some of the stand-outs?

We have seen a lot of folks use sounds and license them into other applications like DAWs and iOS apps – which in itself is mega interesting for us. Because we enable direct peer to peer communication by sharing PRO information and email addresses of buyers and sellers, we make things fully transparent for additional licensing between parties. Our use terms are very well laid out for both parties to cover all the eventualities and quirks of music licensing, plus we offer one price fits ALL usage types, which as I’m aware none of our competitors do. The price you see for a track will fit every possible type of use, from sync to pro broadcast, as long as the usage is logged and the writers of the work set up to receive performance royalties from their PRO, so genuinely – what you see is what you pay.

 


What is your ultimate goal for Wavetick? Where do you hope to see it grow to?

To become the de-facto marketplace and standard for licensable music, samples, as well as potentially software and other creator media. For many years this industry has been gate kept and rights managed so archaically – we are fast moving into an AI age, as we know, and if human creators are to flourish as licensors of music we must modernise and make the entire process as simplistic as possible for the both the music creator and end user.

The IMI