Snafu Records, a Swedish music tech company that describes itself as an artificial intelligence-enabled record label, is putting money behind efforts to improve gender equality in the music industry.
To coincide with Women’s History Month this March, Snafu unveiled a $1 million fund dedicated to supporting and elevating female creators. The Snafu Women’s Creator Fund seeks to address the persistent underrepresentation of women in music.
Statistics show a stark disparity, with female artists accounting for less than 22% of streams on major platforms like Spotify, Snafu Records said in a press release. Research conducted by Snafu, involving engagement with over 10,000 artists, uncovered a lack of representation of women in the ‘middle class’ of music (creators earning up to $100,000 per year).
Recognizing this, the company says it is taking proactive steps to level the playing field.
“As a woman in music and tech, I think it is very important to support women, especially when the numbers are so stacked against them,” said Mira Howard, Head of Snafu’s Song Fund.
“With the women’s fund, we have a chance to really have a positive impact… the ultimate goal of the women’s fund is bigger than that – it is to shift the percentage of women actually making a living on music.”
Mira Howard, Snafu Records
“With the women’s fund, we have a chance to really have a positive impact. If we can make a difference for even one female creator’s career, we will be happy. But the ultimate goal of the women’s fund is bigger than that – it is to shift the percentage of women actually making a living on music.”
The Snafu Women’s Creator Fund tackles this by providing a multifaceted support system for women in music. The initiative goes beyond just financial backing, offering a comprehensive approach to support female creators at every stage of their careers.
The program offers $1 million in financial advances to female artists, producers, and songwriters. This support allows creators to focus on their music, investing in recording, production, and marketing efforts.
The fund also offers a supportive community for women in music. Creators will gain access to a network of fellow female artists, producers, and industry professionals. The program also includes mentorship from experienced female industry professionals, aiming to create a supportive network for aspiring women in music that gives them access to invaluable guidance and industry connections.
“We have always believed that talent is everywhere, but the opportunities afforded to that talent are not always evenly distributed.”
Ankit Desai, Snafu Records
In addition to advances and community building, the fund also provides A&R opportunities, including brand partnerships and artist sponsors, as well as women-only writing camps led by women A&Rs, featuring women producers and songwriters, and other female creators.
Through these offerings, Snafu expects to make more of DSPs’ top earners female and create a women’s community and creative network that will make the experience of being a woman in the music industry “more successful and safe.”
The Snafu Women’s Creator Fund is accessible to female artists, producers, and songwriters aiming to make a significant impact in the music industry. In evaluating applicants, Snafu says it will consider the strength and potential of their existing catalog, as well as their unreleased music.
“We have always believed that talent is everywhere, but the opportunities afforded to that talent are not always evenly distributed,” said Ankit Desai, Founder and CEO of Snafu Records.
Aside from the new Women’s Creator Fund, Snafu has already deployed $5 million to artists. In June, the company launched its AI-powered Snafu Song Fund to finance indie artists. The fund was backed by a $7 million investment led by Pophouse Entertainment. Pophouse also took part in a $6 million funding round in Snafu in 2021.
Snafu Records launched in February 2020 with $2.9 million in seed funding.
Music Business Worldwide
