As an analyst with over two decades of experience in the tech industry, I’ve witnessed the rise and fall of countless ventures. However, the news about Tune.FM securing $50 million from GEM Group within just eight months of their initial $20 million funding round has piqued my interest.
As an analyst, I’m sharing this piece of news: Tune.FM, the innovative Web3 music platform, announced yesterday that they have secured a substantial $50 million investment promise from the Global Emerging Markets (GEM) Group.
The news comes just eight months after Tune.FM shared it had raised $20 million in a funding round.
Tune.FM, a music-streaming initiative built on the Hedera Hashgraph blockchain, is designed to boost artist earnings through “distributing small royalty payments for streams and digital music memorabilia,” using their own JAM token.
Artists can grow their audience by using JAM to advertise their music, giving first-time listeners the chance to earn JAM as they explore freshly promoted tracks. This setup allows artists to generate returns on their promotional investment since new fans will replay and stream their music repeatedly.” (Tune.FM’s press release to CoinDesk explained)
According to Tune.FM, the fresh funds will be allocated for expanding its user base, boosting the visibility of its token, investing in marketing, advancing development, and creating new products.
The team announced that they’re planning to debut a desktop version of Tune.FM, compatible with both Mac and Windows systems, as an additional option to our existing mobile apps available on the Apple App Store and Google Play Store.
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2024-09-12 18:19