Tune.FM’s Web3 Music Ambitions Fueled by $20 Million LDA Capital Funding

2024-1-12 00:06

Tune.FM, a web3 decentralized music streaming platform, has announced a significant $20 million commitment from LDA Capital, a global investment group. This investment underlines the growing interest in blockchain and crypto projects, with LDA Capital joining a group of prominent investors in Tune.fm, including Animoca Brands, Mindfund, and The HBAR Foundation.

Empowering Artists with Decentralized Streaming and NFTs

The platform, Tune.FM, distinguishes itself by offering a unique blend of a music streaming service and an integrated music NFT marketplace. The setup allows artists to directly monetize their fanbase through streaming royalty micropayments and digital music collectibles, leveraging the JAM token ($JAM) and Hedera Hashgraph distributed ledger technology.

Source Tune.FM

Breaking from traditional streaming service models, Tune.FM proposes to offer artists 90% of their streaming revenue, aiming to provide artists with greater control and compensation for their work. This initiative is part of Tune. FM’s mission is to empower artists with more autonomy, enabling them to directly monetize and distribute their music to fans, reducing the need for intermediaries.

Innovative Monetization and Fan Engagement

Tune.FM operates under the motto, “When the music gets played, the artist gets paid.” The platform ensures that artists earn streaming royalty micropayments instantly for every second their music is streamed, facilitated by the JAM token. Additionally, artists can use JAM to promote their music, attracting new listeners who can earn JAM through discovering promoted music and creating a sustainable cycle of discovery and earnings.

With the new funding from LDA Capital, Tune.FM plans to expand its user base, grow its development team, launch new products, and increase liquidity for the JAM token in international markets. The upcoming launch of Tune. FM’s mobile and desktop applications, along with negotiations for major label content licensing, marks another stride in modernizing the business model for artist monetization and financing in the music industry with the power of Web3.

The post Tune.FM’s Web3 Music Ambitions Fueled by $20 Million LDA Capital Funding appeared first on NFT News Today.

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