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What Is Corite (CO)?
Corite (CO) is a Swedish music and tech startup founded in 2018 that has its own distinct approach to funding artists. It works by letting fans invest in music and get a share of streaming profits, becoming an integral part of the journey from product creation to implementation.
The beta version of the platform was released in October 2019. The essence of the Corite business model is as follows: thanks to the financial support of fans, artists can independently build their careers and earn money from their own work. Fans can even get involved in the creative process and promote their favorite music. Meanwhile, artists can fund and release their music through dedicated fandom. This scheme works due to the strong connection between artists and fans.
In July 2021, Corite entered the US market and partnered with Hitco to successfully close a US$2.2 million presale for their utility token $CO – the native currency of the Corite platform. Thus, Corite expanded their audiences, attracted a talented team and created a democratic working environment for artists. More recently, in June 2021, Corite also announced the closing of a €600K seed round for the European launch of its fan funding platform. The round was led by Tagehus, Eastate and Almi Invest.
In the near future, Corite (CO) plans to launch the blockchain-based platform, which allows holders to participate in fan funding and promotion, get early access to music projects and earn rewards for participating in the Corite ecosystem.
The development of the project is done in cooperation with ChromaWay – the Swedish company has been developing and improving industry blockchain technology platforms since 2014. Investors include NGC, CoinCO, Coin98, KuCoin, Kyros, Exnetworkcapital, Bella Finance, 1001 capital and Hilbert Capital.
Who Are the Founders of Corite?
Corite was co-founded by Universal Music Sweden alumni Mattias Tengblad and Emil Angervall.
Tengblad Mattias is CEO of Corite with twenty years of experience in the music industry, telecommunications and media. Prior to founding Corite, Mattias worked in the esports sector, was Head of Digital Development at MTG, and was CEO of the branding company – ABBA Pop House Sweden. In addition, Mattias served as Commercial Director at Universal Music Group (Sweden) for five years. Around this time, he launched Digster – a network of streaming playlists, and co-founded Spinnup – a file download service.
Emil Angervall is the COO and Creative Director of the company. Angervalll has been working both in technology and in the creative field for over twenty-five years, holding the positions of Lead Designer and Creative Director. He specializes in branding, marketing and digital ventures for Universal Music Group (northern media giant MTG), TV production and digital agencies. With Tengblad, Angervall co-founded startups Sniph and Bright Sunday.
What Makes Corite (CO) Unique?
Corite is a digital distributor operating in the same space as TuneCore, United Masters and Ditto. But the platform has its own differences – Corite gives fans the opportunity to invest directly in their favorite artists and then receive a fraction of the money that is paid to artists in future royalties. In this way, each fan plays a kind of record label role, funding and in return financially benefiting from potential success. Cash rewards are paid in the form of royalties from Spotify and Apple Music.
Before announcing the amount artists want to raise for their creative products, Corite first rate songs based on streaming history and predictions, and set the percentage of streaming royalty that investors will eventually receive.
The advantages: the system allows fans to be financially motivated by investors, which adds the chances for the track's success. The Corite platform uses a set of tools based on gamification, speeding up the whole process and making everything efficient and fun for the user, thereby increasing the effect of network marketing.
Corite has more than 150 campaigns and millions of streams on its platform. Artist collaborations include Danny Saucedo, Sabina Ddumba, Kid Travis and King Charles.
The founders believe that the new music industry would be driven by independent artists, and with the support of Corite, artists can showcase their creativity and enter the music market without the help of traditional record labels. Moreover, the platform not only funds fans, but also distributes music on Spotify, Apple Music and YouTube.
Learn more about a Minimum Viable Product (MVP) here.
What are fan tokens and how do they work? Click here and find out.
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How Many Corite (CO) Coins Are There in Circulation?
Corite (CO) is a utility token that will serve as the native currency of the platform.
The platform will allow token holders to participate in blockchain funding and promotion, as well as to be among the first to receive early access to investing in music projects, plus obtain rewards for contributions and participation in governance of the Corite ecosystem.
In July 2021, Corite announced the completion of a $ 2.2 million private token sale round to launch the upcoming blockchain platform – Fan Power. A partnership with ChromaWay took place and the project received a significant share of investments.
How Is the Corite Network Secured?
The development of a blockchain-based platform is in progress, and a Minimum Viable Product (MVP) is planned for Q3 2021. All updates and development progress will be posted on Chromia's official website and social media as creation and launch of Fan Power begins.
As of August 2021, the creators haven’t announced a step-by-step roadmap for their project.
Where Can You Buy Corite (CO)?
Corite (CO) is not listed on any major exchange by the fact that a blockchain-based platform is under development. As of August 2021, there is no confirmed information about the upcoming ICO (Initial Coin Offering) of the token. However, you can track events and stay up-to-date with CoinMarketCap’s ICO Calendar.
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