September 12, 2024
Tune.fm, a decentralized music streaming platform, has secured a new investor. As announced on September 12, Global Emerging Markets has invested $50 million, raising the platform’s total funding to $80 million. This new capital will be used to provide liquidity for the platform’s JAM token, which rewards both artists and users.
Project | Latest Raise | Latest Raise Date | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|
$50M | September 12, 2024 | $80M | Global Emerging Markets | Music, NFT |
Previous investors in Tune.fm include LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, The HBAR Foundation, and GDA Capital. The platform combines music streaming with an NFT marketplace, allowing artists to earn micropayments for every second their music is streamed. Users can also earn tokens by discovering and listening to new songs. Powered by the Hedera blockchain, Tune.fm simplifies onboarding by automatically creating a blockchain wallet for new users, eliminating the need for a third-party wallet.
Other platforms, like Royal, are also exploring the intersection of blockchain and entertainment. Royal enables fans to co-own music copyrights by purchasing NFTs linked to songs, and is backed by venture capital firm a16z. Notable artists on Royal include rapper Nas, who released NFTs in 2022.
About Tune.fm
Tune.fm is a decentralized music streaming platform that leverages blockchain technology to benefit both artists and listeners. It allows artists to earn micropayments for every second their music is streamed and offers an integrated NFT marketplace where they can sell music-related collectibles. Listeners can earn tokens by discovering and enjoying new music. The platform is powered by the Hedera blockchain, which simplifies the onboarding process by automatically creating a blockchain wallet for new users, eliminating the need for a third-party wallet.
Website: https://tune.fm/
About Investor
Investor: Global Emerging Markets
Global Emerging Markets (GEM) is an alternative investment group managing a diverse set of investment vehicles focused on emerging markets worldwide. With $3.4 billion in assets, GEM provides its investors with a diversified portfolio that includes small to mid-cap management buyouts, private investments in public equities (PIPEs), and select venture investments. The firm aims to offer a range of risk-adjusted returns and liquidity profiles, catering to various investment needs.
Location: New York
Website: https://gemny.com/
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