- Tune.fm secures $50M to enhance JAM token liquidity, rewarding artists with micropayments via Hedera blockchain-powered streaming.
- Tune.fm simplifies blockchain music streaming, allowing users to earn tokens while artists receive fair micropayments per stream.
- With $80M in total funding, Tune.fm’s JAM token and NFT integration transform the music industry’s revenue-sharing model.
Blockchain music startup Tune.fm has secured $50 million in funding from Global Emerging Markets, raising its total capital to $80 million. The funds will enhance liquidity for the platform’s JAM token, used to reward both artists and users.
Tune.fm’s integration of blockchain technology and music streaming is transforming the industry, enabling artists to earn micropayments for each second their music is streamed. Besides, users also earn tokens for discovering and promoting new tracks.
A Decentralized Approach Powered by Hedera
Significantly, this investment will further improve Tune.fm’s decentralized music streaming services, powered by the Hedera blockchain. The JAM token plays a crucial role, creating an efficient, rewarding system for both creators and listeners. Previously, the platform had support from LDA Capital, Animoca Brands, and The HBAR Foundation, among others.
Furthermore, Tune.fm simplifies onboarding for non-crypto users by automatically creating a blockchain wallet upon signing up. Streamlining the user experience, no third-party wallet is needed. This distinguishing quality makes it more user-friendly for a larger audience than other blockchain-based systems.
Still, there has long been criticism of the revenue-sharing mechanisms employed by the music industry. For every stream on conventional services like Spotify, artists only receive between $0.003 and $0.004 in compensation.
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Many musicians don’t make much money because they can only begin to get paid if they reach 1,000 streams annually. Consequently, Tune.fm offers a more equitable solution with blockchain integration and tokenized rewards.
Blockchain Music’s Growing Influence
Moreover, similar platforms like Royal and eMusic have also explored blockchain’s potential in entertainment. These platforms allow fans to co-own music copyrights and promise artists more revenue shares. As the global music streaming market is expected to reach $34 billion by 2027, according to Statista, Tune.fm’s innovative approach positions it at the forefront of this growing industry.
Tune.fm’s $50 million investment demonstrates strong confidence in blockchain-powered music platforms. With its JAM token system, decentralized streaming, and NFT integration, it offers a viable alternative to traditional music streaming platforms, ensuring fairer compensation for artists and users.
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