Web3 music platform Tune.FM has secured $20 million in funding from alternative investment group LDA Capital to further its mission of empowering musicians to earn a larger portion of royalties from their work. By utilizing Hedera Hashgraph’s blockchain technology, Tune.FM offers musicians a platform to receive micropayments for streaming through its native JAM token (JAM) and also enables them to create non-fungible tokens (NFTs) for their digital music assets and collectibles.
In an emailed announcement, Tune.FM highlighted the issue with major streaming platforms, stating that these platforms predominantly benefit large corporations, leaving artists with only a small fraction of the profits. Tune.FM aims to disrupt this current standard by offering artists the opportunity to earn up to 90% of their streaming revenue.
The concept of decentralizing industries where power and wealth are concentrated in the hands of a few has long been touted as a potential mainstream application for blockchain technology. While the potential is compelling, it remains unproven. However, with the onset of another digital asset bull market, it is expected that healthy capital will flow into platforms like Tune.FM, providing them with the opportunity to put this theory into practice.
Tune.FM’s existing investors include Animoca Brands, the HBAR Foundation, and Broad Street Angels. These investors have recognized the potential of Tune.FM’s artist-friendly approach and have contributed to its growth and development.
The $20 million funding injection from LDA Capital will enable Tune.FM to further enhance its platform and expand its reach within the music industry. By leveraging blockchain technology, Tune.FM aims to create a fairer and more transparent ecosystem for musicians, ensuring they receive the recognition and compensation they deserve for their creative work.
As the music industry continues to evolve and adapt to the digital age, platforms like Tune.FM are at the forefront of revolutionizing the way artists are compensated for their contributions. By embracing blockchain technology and offering innovative solutions such as micropayments and NFTs, Tune.FM is paving the way for a more equitable and artist-centric music industry.
The success of Tune.FM and similar platforms will not only benefit musicians but also have broader implications for the adoption and acceptance of blockchain technology in various industries. As more investors recognize the potential of decentralized platforms, it is likely that we will witness further advancements in the integration of blockchain technology into mainstream applications.
In conclusion, Tune.FM’s $20 million funding from LDA Capital marks a significant milestone in its journey to empower musicians and reshape the music industry. With the support of blockchain technology and a commitment to providing artists with a fairer share of their streaming revenue, Tune.FM is poised to make a lasting impact on the music industry and inspire further innovation in the blockchain space.