TuneFM, a decentralized Web3 music streaming and collectibles platform, has recently secured $50 million in funding from Global Emerging Markets (GEM) Group. This investment comes just eight months after the platform raised $20 million, which could significantly increase payments to artists. TuneFM operates on the Hedera Hashgraph blockchain, aiming to help musicians achieve higher royalty payments through streaming micropayments and selling digital music collectibles.
Developed with a focus on artist earnings, TuneFM allows musicians to earn one cent per minute streamed—a stark contrast to the $0.003 to $0.005 per stream offered by Spotify. The payout varies based on subscription type, listener location, and agreements Spotify has in place with artists and labels. One analysis estimates that artists might earn up to 100 times more on TuneFM.
Payments on TuneFM are made via a native cryptocurrency called JAM tokens, which can be used by fans to access music. This token economy also incentivizes new listeners to discover promoted tracks through play-to-earn mechanics, expanding artists' reach.
In an effort to enhance user experience, TuneFM plans the launch of desktop applications for Mac and Windows, complementing its current offerings on iOS and Android.
The volatility of cryptocurrency does introduce a layer of complexity, but the emergence of platforms like TuneFM signals an evolving landscape in music streaming. For a deeper look into how TuneFM operates, check their detailed explanation here.