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Hedera-Based Tune.FM Raises $20M for Artist-Friendly Web3 Music Platform
Tune.FM provides musicians with a platform to receive micropayments for streaming in its native JAM token (JAM).
Updated Jan 10, 2024, 5:00 p.m. Published Jan 10, 2024, 5:00 p.m.
Web3 music platform Tune.FM has received $20 million in capital from alternative investment group LDA Capital to advance its goals of helping musicians earning a greater share of royalties from their work.
Using Hedera Hashgraph's blockchain technology, Tune.FM provides musicians with a platform to receive micropayments for streaming in its native JAM token (JAM) as well as minting non-fungible tokens (NFTs) for digital music assets and collectibles.
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"The problem with today’s major streaming platforms is that large corporations reap the lion’s share of the profits, leaving artists with a small piece of the pie," Tune.FM said in an emailed announcement shared with CoinDesk. "Tune.FM wants to shake up the current standard by offering artists up to 90% of their streaming revenue."
The possibility of decentralizing industries where money and influence is concentrated in just a few hands is often touted as a potential mainstream use case for blockchain technology.
While this potential may be compelling, it remains unproven. The onset of another digital asset bull market however should see the return of healthy capital finding its way to platforms like Tune.FM, giving them the chance to put the theory into practice.
Tune.FM's existing investors include Animoca Brands, the HBAR Foundation and Broad Street Angels.
Read More: Blockchain Messaging Platform Wormhole Raises $225M at $2.5B Valuation
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