San Francisco-based web3 music streaming platform Tune.fm earned another funding round this year, acquiring over $50 million from Global Emerging Markets, pushing its cumulative funding to about $80 million.
Global Emerging Markets aligns with LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, The HBAR Foundation, and GDA Capital to support the platform’s streaming business.
Tune.fm wins funding to enhance JAM token liquidity and empower artists
The NFT music-based marketplace Tune.fm announced today that it received funding from Global Emerging Markets. The platform plans to use the new investment to offer liquidity for its JAM token.
The platform’s JAM tokens, utilizing Hedera’s hash graph, serve as the primary rewards to its artists, allowing them to generate revenue from their audience through streaming micropayments and digital music assets. Listeners also receive token incentives for finding, playing, and sharing featured tracks.
Tune.fm has made it clear that it prioritizes the welfare of the artists on its platform, offering them 90% of its streaming revenue. The platform had also called out large music streaming corporations for hoarding most of their streaming gains, leaving artists with marginal profits.
On January 10, in a press release, Tune.fm said:
“The project has positioned itself as a conduit for artists seeking greater control and compensation for their creative works, where artists can receive 10 to 100 times more for their music. The platform eliminates intermediaries and empowers artists with greater autonomy, enabling them to monetize and distribute their music directly to their fans.”
Tune.fm
The global music streaming industry will earn almost $30 billion by 2024’s end, with Spotify taking the lead. Compared to Tune.fm artist’s returns, Spotify has claimed that it gives almost 70% of every dollar it makes to rights-holders.
Tune.fm acquired $20 million in investments at the year’s start
In January, the music streaming platform revealed it secured $20 million in funding from LDA Capital, a worldwide capital market company.
At that time, the investment was intended to augment the platform’s user base, elevate its development team, and offer liquidity for the JAM token.
LDA Capital’s co-founder and managing partner, Anthony Romano, commented on the investment, saying that their investment highlights its commitment to a future where artists are key players and their art is adequately valued and rewarded.
Source: https://www.cryptopolitan.com/tunefm-secures-50m-investment/