Originally published on: September 12, 2024
Tune.fm, a cutting-edge decentralized music streaming platform, has hit a high note with a recent $50 million investment from Global Emerging Markets. This funding pushes the total investment in the protocol to a whopping $80 million, setting the stage for exciting developments in the music industry.
The fresh injection of capital will fuel the liquidity of Tune.fm’s JAM token, a digital currency used within the platform to reward both artists and users. Previous investors such as LDA Capital, Alpha Token Capital, and Animoca Brands, have already shown their support for Tune.fm, recognizing its potential to revolutionize the way music is consumed and distributed.
This innovative platform not only offers seamless music streaming services but also features an integrated non-fungible token (NFT) marketplace. Artists receive instant micropayments for each second their music is streamed, while users can earn tokens by exploring and listening to new music. Powered by the Hedera blockchain, Tune.fm is at the forefront of blending technology with creativity.
Simplifying access for users, Tune.fm allows music lovers to create an account and start enjoying tunes immediately, without the need for a third-party wallet. By automatically generating a blockchain wallet upon joining the platform, Tune.fm aims to make the onboarding process smooth for both crypto enthusiasts and newcomers alike.
This ground-breaking intersection of blockchain and entertainment is not unique to Tune.fm. Platforms like Royal, supported by a16z and home to acclaimed artists like Nas, are also exploring the potential of NFTs in music ownership. Further shaking up the music industry, eMusic introduced the eMU token in 2020, offering artists direct revenue from their music.
As the world of music evolves from CDs to streaming services, Tune.fm is paving the way for a fairer distribution of profits. Major platforms like Spotify, with a market capitalization of over $66 billion, often leave artists with minimal earnings per stream. By prioritizing artist rewards and empowering users, Tune.fm is reshaping the music streaming landscape.
With the global music streaming market projected to reach $34 billion by 2027, the future looks bright for platforms like Tune.fm that prioritize artist empowerment and user engagement. As the world tunes in to the potential of blockchain in music, Tune.fm stands as a trailblazer in the industry, pushing boundaries and striking all the right chords.
