The music industry has undergone a significant transformation in recent years, with the rise of streaming services becoming an integral part of our daily lives. While some people are nostalgic for the good old days of CDs and vinyls, the fact remains that most people today listen to music using streaming services. According to Statista, Spotify and Apple Music alone account for about 45% of the industry’s market share as of 2022.
The Rise of Decentralized Music Streaming
In this crowded space, it’s not easy to stand out from the competition. However, a new music streaming startup, Tune.FM, is hoping its unique approach will help it garner a loyal following of its own. Unlike any of the big streaming services, Tune.FM is a decentralized music streaming platform that runs on the rails of web3.
How It Works
Tune.FM uses its own JAM tokens to facilitate transactions between users and artists. Users can buy these tokens on the platform’s website and use them to listen to music. Unlike traditional subscription-based models, Tune.FM allows users to pay for each song they stream using JAM tokens.
Rewards Program
But that’s not all – Tune.FM also has a rewards program in place. Users can choose to listen to promoted music to earn more JAM tokens. This innovative approach not only benefits the artists but also incentivizes users to engage with the platform more frequently.
Benefits for Artists
Tune.FM’s unique business model offers several benefits for artists. Unlike Spotify and Apple Music, which pay a paltry $0.003 to $0.005 per stream or $0.01 per stream respectively, Tune.FM pays artists one cent each minute their song is streamed. This means that artists can earn significantly more money on Tune.FM compared to other popular streaming services.
Artist NFTs and Collectibles
Tune.FM also takes it a step further by selling artist NFTs and collectibles. This not only provides an additional revenue stream for artists but also allows fans to own exclusive digital content.
Tokenization and Financial Innovation
The music industry has long been plagued by issues such as artists getting screwed over, catalogs being licensed in certain places and not others. Tune.FM’s use of tokenization addresses these problems and creates a new business model for the industry. As CEO Rebecca Szkutak notes, "As far as the music industry is concerned, it can be disrupted through financial innovation."
Industry-Wide Impact
Tune.FM’s innovative approach to music streaming has the potential to disrupt the entire industry. By creating a decentralized platform that uses web3 technology, Tune.FM is making waves in the music world.
Conclusion
In conclusion, Tune.FM is revolutionizing the music industry with its unique approach to music streaming. By using tokenization and financial innovation, Tune.FM addresses some of the long-standing issues plaguing the industry today. With its rewards program, benefits for artists, and artist NFTs and collectibles, Tune.FM is an exciting new player in the music streaming space.
Related Topics
- Media & Entertainment
- Music Streaming
- Startups
- tune.fm
- United States
- Venture
About the Author
Becca Szkutak is a senior writer at TechCrunch that covers venture capital trends and startups. She previously covered the same beat for Forbes and the Venture Capital Journal.
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