Medallion, a platform for artists to attach straight with followers, raises $13.7M

Medallion, a platform for artists to attach straight with followers, raises .7M

Medallion is a platform for artists to have a devoted digital hub for selling album releases, tour dates and merch drops, in addition to promoting digital collectibles and sharing unique content material to foster deeper connections with followers. The corporate introduced at the moment that it closed $13.7 million in Collection A funding, co-led by Dragonfly and Lightspeed Faction.

Musicians are more and more trying to find direct possession in their very own communities and avoiding third-party platforms the place interactions with followers are complicated to handle. From a fan perspective, though there are many methods to comply with and join with artists, these on-line interactions might be minimal.

“Whereas streaming has opened up entry to music and social media and created new channels for direct distribution, the complete potential of direct artist-to-fan connections has not been realized,” Matt Jones, co-founder and CEO of Medallion stated. “Medallion’s artist-centric method and emphasis on digitally native fan experiences helps usher in a brand new, transformative interval for artists.”

With this spectacular chunk of money in tow, Medallion desires to deal with what many artists imagine to be a significant hole within the music business: lack of management concerning the net relationship with followers and an lack of ability to straight join. It plans to make use of the brand new capital to introduce new early entry alternatives like listening to pre-released music and providing presale tickets, amongst different member advantages like “video premieres or new updates,” the corporate defined. Artists will quickly additionally have the ability to promote new unique and limited-edition digital collectibles/NFTs like poster bundles and buying and selling playing cards.

Medallion just lately launched a brand new income alternative for artists within the U.Ok., Australia and Germany—”Digital Deluxe,” which permits artists to promote a digital model of a music album with an embedded music participant and downloadable audio, imagery and video. Artists may also promote bodily gadgets via an integration with Shopify.

Medallion is free for artists to make use of however takes a proportion of all gross sales on the platform, but didn’t disclose how a lot. It’s constructed on the blockchain, and customers can check in with e mail or a pockets supplier– Rainbow, Coinbase and WalletConnect.

Moreover, Medallion is a white-label platform, which means artists can customise their digital area with their very own shade theme, background and extra. When followers arrange an account, they declare a singular digital collectible or membership card of types known as a “Medallion” that grants them free entry to the group. As an example, Greta Van Fleet’s image is a spinning, 3D golden ring.

Artists talk with followers via social media posts, whereas followers can reply within the feedback. Some artists even request submissions from their group, like live performance footage and photographs, to share with the group and additional increase fan participation.

There are presently 20 artists utilizing Medallion to energy their fan communities, together with Jungle, Greta Van Fleet, Illenium, Disclosure, Tiga, Mt Pleasure, Tycho, My Morning Jacket, Lady in Purple, and Sigur Rós, amongst others

“We’ve got been partnering very intently with a small variety of choose artists to assist check and refine our core product options over the previous 12 months. Regardless that the platform isn’t open to each artist but, we’re persevering with to put money into our expertise and platform in order that we will ultimately scale throughout the business. Right now, we primarily work with independent-minded artists who’re among the many prime 10,000 artists on streaming platforms and have a extremely engaged fanbase,” Jones stated.

The corporate plans to develop the platform availability to some hundred extra artists in 2024. It received’t be extensively accessible till 2025 or later.

Medallion was co-founded by Jones, Mark McIntyre (CTO), Josephine Yu (CPO), Jesse Bellin (VP of Operations), Adam Ray (CFO and Basic Counsel), Ash Pampati (VP of GTM) and Tom Milway (VP of Design) who’re all veterans throughout the tech, e-commerce and music industries, with expertise at Songkick, Instagram, YouTube, Spotify, Grailed, Warner Music Group and Reside Nation.

Different buyers within the spherical embrace Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime, and Zeal Capital, alongside music business buyers Invoice Silva Leisure, Black Squirrel, Foundations Artist Administration, Methodology, and TAG Music. Medallion can be backed by prime artists Jungle, Mt. Pleasure, Man Lawrence (Disclosure) and Tiga.

The corporate has raised $22 million thus far.

“Artists are beginning to perceive they don’t seem to be simply content material creators however manufacturers themselves, and in consequence are constructing multimodal companies that transcend merely music and content material,” Rob Hadick, normal accomplice at Dragonfly, stated in an announcement.

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Written by bourbiza mohamed

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