Davos, Switzerland Tuesday, January 23, 2024 – Tune.FM, a music platform built on blockchain technology, announced recently that it had secured $20 million in Series B funding to bolster its growth and allow artists in the Web3 era to flourish. 1
The investment, led by alternative investment group LDA Capital, reinforces Tune.FM’s mission to disrupt traditional music streaming models and offer artists greater control and financial returns.
Tune.FM utilizes Hedera Hashgraph’s blockchain infrastructure to introduce distinctive features to its platform.
One of these features is micropayments, where artists receive immediate payouts in JAM, the platform’s native token, for each stream of their music.
This approach differs from conventional revenue-sharing models that often prioritize record labels, leaving artists with minimal earnings.
Additionally, Tune.FM includes an NFT marketplace, allowing artists to tokenize and sell their music and digital assets. This creates new revenue streams for artists and establishes direct connections with their fan base.
Furthermore, the platform incorporates decentralized governance through Tune.FM’s DAO (decentralized autonomous organization), where artists possess voting power, allows them to influence the platform’s development and make sure their perspectives are considered.
The Series B funding comes amidst a growing interest in Web3 solutions for the music industry. Artists frustrated with opaque royalty structures and limited creative control increasingly turn to blockchain-based platforms like Tune.FM to gain autonomy and connect directly with their fans.
These agreements mark significant milestones for the platform, particularly for the $JAM token, which serves as the driving force behind various functionalities, including streaming royalties and NFT purchases within the Web3 marketplace.
Since the announcement, the token has witnessed an impressive increase of over 100% in its price, yet its market cap remains slightly under $7 million as of February 8, 2024.
In comparison to its closest web3 competitor, Audius’ $AUDIO token, which boasts a market cap of $225 million (with an all-time high above $1 billion), there appears to be substantial growth potential for $JAM within the cryptocurrency sphere.
Reports said that Tune.fm, is currently in discussions to onboard a music catalogue larger than Spotify and aspires to position itself as a major player in the music streaming industry, signaling ambitious goals for its future.
- Coin monks: https://medium.com/coinmonks/news-byte-tunefm-20-million-investment-deal-with-lda-capital-app-release-imminent-ab0657461a06[↩]
