This bootstrapped startup scanned 300 billion music streams to track down anomalies

VIENNA, Nov. 8, 2022 /PRNewswire/ -- Award-winning Austrian tech company Legitary provides an AI powered technology that automatically scans billions of streams to identify anomalies. Auditing a music album becomes a matter of minutes instead of hundreds of hours.

How transparent are play counts on streaming platforms? This question is at the core of everything Nermina Mumic does with her tech startup that emerged from her PhD studies in 2019. Founded in the Austrian capital of Vienna, Legitary has since then been fully bootstrapped including a public, non-dilutive funding of €1M.

Legitary provides an AI powered soft audit assistant that is able to detect anomalies within a blink of an eye. The highly scientific-driven approach allows the technology to analyze a music album within minutes compared to 300 hours of conventional auditing methods by shining light on missing metadata, reporting errors, and fake music streams.

„Our claims are backed with simulation studies that show accuracy of more than 90%. This does not only significantly increase the transparency in the industry but it actually creates the first ever ability to verify streaming counts with no dependencies from streaming platforms," Mumic explains her venture.

Award-winning technology with more to come

The tech company has not only won the prestigious Midemlab award in 2019 (Marketing & Data/Analytics), but scanned more than 300 billion streams including numerous Billboard 200 artists to further foster transparency and democratization of IP valuation tools in the industry.

„They provide me peace of mind about the royalty reporting we are receiving from DSPs, and are super easy to work with," describes Patrick Wolf, CFO at Cinq Music Group his relationship with Legitary.

Legitary's own aspiration of highest possible quality assurance puts an end to a nontransparent flow of data between streaming platform, distributors and music label. For the near future, the tech startup aims to be a valuable and essential part of long-term valuation and due diligence of music rights catalogues.

ABOUT

Nermina Mumic founded her tech company Legitary in 2019 as a spin-off of her PhD studies at the TU Wien, Austria's largest research and educational institution in the field of technology and natural sciences. Legitary is bootstrapped and publicly founded with €1M and winner of the prestigious 2019 Midemlab award.

Contacts: Karim Saad + 0043 (0) 699 180 49811 + [email protected]

Logo: https://mma.prnewswire.com/media/1937919/legitary_trans_1_Logo.jpg

SOURCE Legitary