A New Digital Hub for Musicians

Changing the Industry

It’s crucial for musicians to develop and foster close relationships with their fans. But it can also be difficult. The rise of streaming platforms and social media has been a gift and a curse in this regard, affording musicians a more direct line to fans, while also making them reliant on Big Tech platforms like Spotify (SPOT) and TikTok to do so.

But there’s a startup in town that wants to change that.

Musician-Centric

The blockchain-based platform Medallion is building an online hub for musical artists to build deeper connections with their fans.

Historically, artists’ fan relationships and earnings were largely controlled by major labels, and now major tech companies have a finger in the pie, too. Medallion hopes to empower musicians to connect more directly with fans, and open new revenue streams.

The startup secured $13.7 million of Series A funding in a round co-led by Dragonfly and Lightspeed Faction, with Infinite Capital, Coinbase Ventures (COIN), and more contributing.

Future Plans

Medallion plans to use its fresh funding to continue developing its blockchain-based digital ecosystem, and launch new features for artists, such as video premieres, ticket presales, and the ability to sell digital collectibles.

The platform is currently available to only a small, select group of artists. My Morning Jacket, Greta Van Fleet, and Sigur Rós are among the artists using Medallion.

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