Using Web3 technology as the driver behind its innovative concept, Tune.fm is emerging as a trailblazer for the creator economy. The decentralized streaming platform and music marketplace aspires to redefine the relationship between artists and their audience, putting the power back where it belongs.
The music industry has always been a labyrinth for artists, and it’s been especially tough to navigate for those who are underfunded without the help of a record label to serve as an intermediary. And the upshot can be bleak, with artists receiving only a fraction of their earnings and major streaming platforms compounding the issue by offering meager royalties that don’t adequately compensate them for their work.
Now, Tune.fm is stepping into the streaming landscape with a mission to leverage the game-changing potential of blockchain technology and create a direct, synergistic bridge between artists and their audience. By eliminating intermediaries, the platform enables musicians to capture more of the pie as streaming micropayments are settled instantly without third-party involvement, as well as numerous other features that are tailor-made to serve creators’ best interests.
Tune.fm
Apart from its streaming capabilities, Tune.fm has also introduced a groundbreaking NFT marketplace, allowing artists to create digital collectibles that encompass music, artwork, videos and exclusive experiences like 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.fm
As Tune.fm embraces blockchain technology and the hardwired transparency therein, it’s spearheading a paradigm shift for equity in the music industry. The platform’s proprietors wants to shake up the current standard by offering artists 90% of their streaming revenue, a staggering tenfold increase compared to traditional streaming services. Artists can receive “10 to 100 times more for their music,” according to Tune.fm.
The organization recently secured a $20 million funding round from LDA Capital in pursuit of these goals. According to Tune.fm, the cash infusion will enable them to grow the user base, expand the development team, launch new product offerings and increase liquidity for the JAM token across 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, LDA Capital’s Co-Founder and Managing Partner. “This investment signifies our commitment to the future of the music industry, one where artists are at the center stage, and their art is valued and rewarded accordingly.”
You can find out more about Tune.fm here.
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