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Vinyls are back in vogue and some people are building their CD collection back up in anticipation that they ’ll also be nerveless again , but the fact remains that mostpeople listen to music today using streaming services . Indeed , just two services , Spotify and Apple Music , took up about 45 % of the industry ’s securities industry contribution as of 2022 , per Statista .
We have access to a plethora of streaming services today , but despite the sizable competition , euphony well out startupTune . FMis hoping its differentiated approach will help it garner a loyal pursual of its own .
Unlike any of the big streaming services , Tune . FM is a decentralized medicine stream weapons platform that runs on the rails of web3 . substance abuser pay for each strain they stream using the company ’s own JAM tokens , as opposed to a subscription model ( they can buy the tokens on Tune . FM ’s website ) . Users can also opt to listen to boost music to earn more JAM token .
As for creative person , they make one cent each minute one of their Song is rain buckets , letting them make much more money than they would from Spotify , which pays $ 0.003 to $ 0.005 per stream , or Apple Music , which give $ 0.01 per flow . Tune . FM also sell artist NFTs and other collectibles .
The inauguration recently received a $ 50 million Token Purchase Program committal from Global Emerging Markets ( GEM ) that will see GEM buy $ 50 million Charles Frederick Worth of JAM tokens over the next two years . Tune . FM can commute these tokens to funds whenever it wants . The companionship is also backed by other asset managers and backer investor , who include Andy Hertzfield .
The startup charge 10 % of any transaction that uses JAM token on the platform . The caller can also exchange the JAM tokens it is paid to cash whenever it wants through traditional crypto exchanges .
Andrew Antar , the co - founder and CEO of Tune . FM , is a classically trained violinist who tour the earth , playing with bands and orchestras in his youth . He then went on to launch a directory of musicians at Brown University that garnered more than 4,000 users .
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Antar say TechCrunch he ’d always wanted to make a music - focused societal medium platform . Once he learned more about crypto and how web3 could facilitate micropayments to artists , he came up with the idea for Tune . FM .
“ Web3 and tokenization are critical to the business model and really [ for ] changing the way the defrayal work for artists and how they are able-bodied to monetise , ” Antar said .
He strain that despite using web3 infrastructure for the app ’s back end , most substance abuser wo n’t cognize crypto ’s role in the app when they interact with it . “ exploiter do n’t needfully require to know anything about crypto , ” Antar articulate . “ We do n’t use the word ‘ crypto , ’ we practice ‘ credit . ’ We do n’t use the word ‘ NFT ’ and apply ‘ payable ’ instead . It ’s really the underlying engineering under the hood . We ’ve made it so well-situated anyone and their grandmother can use it . ”
Tune . FM launch as a web app in 2021 , and its app became available in July . Since then , its exploiter groundwork has grown to nearly 20,000 monthly active users . That ’s not a massive sum by any mean , but Antar said the companionship has seen massive growth over the last few month . He declined to share specifics .
Antar said the company plans to use the attached funds to scale its tech team , build a metaverse internet site to host music festivals , and scale its platform to support more artists .
“ All week , I ’m essentially lecture to artists , labels , and managers about doing passel , ” Antar said . “ There are some awful names that we are not ready to announce . A hatful of names that you know . ”
Tune . FM has a coolheaded estimation here , but creating a company to take on Spotify is n’t a novel one , per se . Lüm was one thatshut down in 2022after raising $ 4.9 million in venture uppercase . StationHeadis another startup strain to change how citizenry stream music and interact with musicians . Tune . FM also has competition from loose video cyclosis platforms likeTikTok and YouTube , which people use for music , too .
Antar is n’t too implicated about competition , though . He feels his company brook out because it is trying to introduce the music streaming procedure instead of just iterating on a few features . Tune . FM listeners get rewarded the more they are on the platform with free JAM tokens or exclusives from artists , which Antar hopes will keep them coming back .
“ As far as the music diligence is concerned , it can be disrupted through financial innovation , ” Antar state . “ It ’s had a mass of problem for many years with artists getting have a go at it over and catalogue being licensed in certain places and not others . We created a totally novel byplay model for the industry and global euphony economic system . That ’s only possible with tokenization . ”
