Using Web3 technology as the engine of its innovative concept, Tune.fm is emerging as a pioneer of the creative economy. The decentralized streaming platform and music marketplace aim to redefine the relationship between artists and their audience, putting the power back where it belongs.
The music industry has always been a maze for artists, and it has been especially difficult to navigate for those without sufficient funds and without the help of a record label to serve as a middleman. And the result can be bleak, with artists receiving only a fraction of their earnings and major streaming platforms compounding the problem by offering meager royalties that don't adequately compensate them for their work.
Now, Tune.fm is entering the streaming landscape with a mission to harness the revolutionary potential of blockchain technology and create a direct and synergistic bridge between artists and their audiences. By eliminating the middleman, the platform allows musicians to capture a larger slice of the pie, as streaming micropayments are settled instantly without third-party involvement, as well as many other features tailored to serve the best interests of creators.
In addition to its streaming capabilities, Tune.fm has also introduced an innovative NFT marketplace, allowing artists to create digital collectibles spanning music, artwork, videos and exclusive experiences such as backstage passes, meet and greets, merchandise and FaceTime calls.
The platform's play-to-earn feature adds another layer of depth and innovation, incentivizing fans to discover new music by rewarding them with JAM tokens for listening to promoted songs. The model not only benefits artists by increasing their streaming totals, but also transforms fans into active participants in an artist's success.
Tune in.fm
As Tune.fm embraces blockchain technology and the transparency inherent in it, it is spearheading a paradigm shift for equity in the music industry. The platform owners want to change the current standard by offering artists 90% of their revenue from streaming, a staggering tenfold increase compared to traditional streaming services. Artists can receive “between 10 and 100 times more for their music,” according to Tune.fm.
The organization recently secured a $20 million funding round from LDA Capital to achieve these goals. According to Tune.fm, the cash injection will allow them to increase the user base, expand the development team, launch new product offerings, and increase the liquidity of the JAM token in international markets.
“By embracing the decentralized model and leveraging cutting-edge blockchain technology, Tune.fm empowers artists to take control of their destiny,” said Anthony Romano, co-founder and managing partner of LDA Capital. “This investment signifies our commitment to the future of the music industry, one where artists are center stage and their artistry is valued and rewarded accordingly.”
You can find more information on Tune.fm here.
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Website: melody.fm
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