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Decentralized music streaming service Tune.fm has secured a significant boost in its funding. It <a href="https://cointelegraph.com/news/blockchain-music-startup-tune-fm-raises-50-m-global-emerging-markets" rel="noopener noreferrer nofollow">reportedly</a> received $50 million from Global Emerging Markets, bringing its total capital raised to $80 million.
This fresh infusion of cash is earmarked to provide liquidity for the platform’s native token, JAM, which powers the ecosystem by rewarding both artists and listeners.
<h2 id="span-style-font-weight-400-about-tune-fm-span">About Tune.fm</h2>
Tune.fm, which runs on the Hedera blockchain, is designed to reshape how artists monetize their music in the digital age. Unlike traditional streaming platforms, where artists often receive a fraction of the profits, Tune.fm rewards creators directly with JAM tokens for every second their music is played.
The platform’s innovative model also allows users to earn tokens for discovering and listening to newly promoted songs, creating an engaging experience for both listeners and creators.
Previous investors in Tune.fm include notable names like LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, The HBAR Foundation, and GDA Capital. With the new backing from Global Emerging Markets, the platform is well-positioned to further expand its offerings and continue disrupting the music industry.
One of the key features that sets Tune.fm apart is its user-friendly onboarding process. New users can instantly start streaming music without the need to set up a third-party crypto wallet. As soon as they sign up, a blockchain wallet is automatically created, making it easier for non-crypto users to get started. This focus on accessibility has made Tune.fm appealing to a broader audience beyond the crypto-savvy demographic.
The platform also <a href="https://thecoinrise.com/meebits-nft-collection-debuts-collectible-music-album/" rel="noopener noreferrer nofollow">integrates an NFT marketplace</a>, allowing artists to monetize their work further by offering unique digital assets tied to their music. This model echoes similar efforts in the blockchain entertainment space, such as Royal, a platform where fans can co-own music copyrights through NFTs.
<h2 id="span-style-font-weight-400-music-industry-and-digital-world-span">Music Industry and Digital World</h2>
The music industry has been rapidly evolving, shifting from physical CDs to digital streaming services. <a href="https://www.statista.com/outlook/dmo/digital-media/digital-music/music-streaming/worldwide#revenue" rel="noopener noreferrer nofollow">According</a> to Statista, global music streaming revenue is expected to reach approximately $34 billion by 2027.
However, platforms like Tune.fm aim to address the inequities in traditional streaming models, where major corporations often claim the majority of the profits, leaving artists with little. For example, Spotify, the current leader in the streaming space, pays artists between $0.003 and $0.004 per stream, with earnings starting only after 1,000 streams.
Last year, <a href="https://thecoinrise.com/mastercard-and-polygon-debut-web3-musician-accelerator-program/" rel="noopener noreferrer nofollow">Mastercard partnered with Polygon to introduce the Web3</a> based Mastercard Artist Accelerator program to help musicians in launching their careers via Web3.
The post <a href="https://thecoinrise.com/decentralized-music-platform-tune-fm-secures-50m-funding/" rel="noopener noreferrer nofollow">Decentralized Music Platform Tune.fm Secures $50M Funding</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Decentralized Music Platform Tune.fm Secures $50M Funding

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