Web3 music streaming platform Tune.fm announced a new funding round, raising $50 million from Global Emerging Markets. These funds will be used to improve JAM token liquidity and support artists.
New Funding and Its Significance
Tune.fm has secured a new funding round of $50 million from Global Emerging Markets, bringing its total funding to about $80 million. The investment will be used to enhance the liquidity of its JAM token, which serves as the primary reward for artists and incentivizes listeners for discovering, playing, and sharing tracks.
Tune.fm's Advantages for Artists
Tune.fm has made clear that it prioritizes the welfare of artists by offering them 90% of its streaming revenue. This is significantly higher than what artists typically receive on major streaming platforms. The platform has also criticized large streaming corporations for keeping most of their streaming gains. In a press release on January 10, Tune.fm stated: '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's Previous Successes
In January, the platform secured $20 million in funding from LDA Capital. These funds were intended to expand its user base, enhance its development team, and improve JAM token liquidity.
The new $50 million investment strengthens Tune.fm's position in the market and allows the platform to continue supporting artists with better conditions for monetizing their music.
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