Sean Parker Rebuilds Stability AI Around Music With Label Backing
Sean Parker is rebuilding Stability AI around music professionals after helping rescue the company. Stability has raised $76 million from Sony, Warner and Universal and released new audio models and editing software.
Parker and Prem Akkaraju, a longtime friend who became Stability AI’s chief executive, are now disclosing what they have been building, according to the report. Parker said he is playing by the rules this time. He conceded that asking for forgiveness rather than permission did not work out well for him last time.
Parker says the central idea is to turn Stability into the go-to AI toolmaker for music professionals. In late August, the company announced $76 million in funding from investors including Sony, Warner, and Universal. As part of the deal, those labels also licensed their catalogs for training.
Stability has since released three new audio models and AI music-editing software. The AI can generate whole instrumental tracks or short snippets from text prompts. Parker said an upcoming update will let users hum a melody or beatbox a drum pattern to steer it.
The plan returns Parker to the music industry after his Napster years, but through Stability AI and with backing from major music companies. The $80 million rescue two years ago followed a period of overspending and internal turmoil at Stability that ended with Mostaque’s departure. Akkaraju became CEO as part of the effort, and he and Parker have since worked to reshape the company around audio and music tools.