Medallion is a platform for artists to have a devoted digital hub for selling album releases, tour dates and merchandise drops, in addition to promoting digital collectibles and sharing unique content material to foster deeper connections with followers. The corporate introduced as we speak that it has closed $13.7 million in Collection A financing, co-led by Dragonfly and Lightspeed Faction.
Musicians are more and more on the lookout for direct possession in their very own communities and are avoiding third-party platforms the place interactions with followers are advanced to handle. From a fan perspective, these on-line interactions may be minimal, regardless that there are many methods to comply with and join with artists.
“Whereas streaming has opened up entry to music and social media and created new channels for direct distribution, the total potential of direct connections between artists and followers has not but been realized,” mentioned Matt Jones, co-founder and CEO of Medallion. “Medallion’s artist-centric strategy and emphasis on digitally native fan experiences will assist usher in a brand new, transformative period for artists.”
With this spectacular sum in tow, Medallion goals to handle what many artists really feel is a significant hole within the music business: lack of management over the net relationship with followers and the shortcoming to attach immediately. The corporate plans to make use of the brand new capital to introduce new early entry choices, equivalent to listening to pre-released music and providing pre-sale tickets, along with different member advantages equivalent to “video premieres or new updates,” the corporate explains. Artists can even quickly be capable to promote new unique, limited-edition digital collectibles/NFTs, equivalent to poster bundles and buying and selling playing cards.
Medallion just lately launched a brand new income alternative for artists within the UK, Australia and Germany – ‘Digital Deluxe’, which permits artists to promote a digital model of a music album with a built-in music participant and downloadable audio, photos and video. Artists may promote bodily objects by an integration with Shopify.
Medallion is free for artists to make use of however takes a share of all gross sales on the platform, however has not disclosed how a lot. It’s constructed on the blockchain and customers can log in utilizing 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 colour theme, background and extra. When followers create an account, they declare a novel digital collectible or a kind of membership card known as a “medallion” that provides them free entry to the neighborhood. For instance, Greta Van Fleet’s image is a rotating, 3D gold ring.
Artists work together with followers by social media posts, whereas followers can reply within the feedback. Some artists even solicit submissions from their neighborhood, equivalent to live performance footage and photographs, to share with the neighborhood and additional enhance fan participation.
There are presently 20 artists utilizing Medallion to strengthen their fan communities, together with Jungle, Greta Van Fleet, Illenium, Revelation, Tiga, Mountain of joy, Tycho, My dressing gown, Girl in redAnd Sigur rosamongst different issues
“We’ve been working very intently with a small variety of choose artists over the previous yr to assist take a look at and refine our core product options. Whereas the platform shouldn’t be but accessible to each artist, we proceed to put money into our know-how and platform in order that we will in the end scale throughout the business. Proper now, we work primarily with unbiased artists who’re among the many high 10,000 artists on streaming platforms and have a extremely engaged fan base,” mentioned Jones.
The corporate plans to develop the platform’s availability to a couple hundred extra artists by 2024. It will not be usually accessible till 2025 or later.
Medallion is led by Jones, Mark McIntyre (CTO), Josephine Yu (CPO), Jesse Bellin (VP Operations), Adam Ray (CFO and Basic Counsel), Ash Pampati (VP GTM) and Tom Milway (VP Design) all veterans within the know-how, e-commerce and music industries, with expertise at Songkick, Instagram, YouTube, Spotify, Grailed, Warner Music Group and Reside Nation.
Different traders within the spherical embrace Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime and Zeal Capital, along with music business traders Invoice Silva Leisure, Black Squirrel, Foundations Artist Administration, Methodology and TAG Music. Medallion can be supported by high artists Jungle, Mt. Pleasure, Man Lawrence (Disclosure) and Tiga.
The corporate has raised $22 million up to now.
“Artists are beginning to perceive that they don’t seem to be simply content material creators, however manufacturers themselves, and in consequence they’re constructing multi-modal companies that transcend simply music and content material,” Rob Hadick, common companion at Dragonfly, mentioned in a press release .