Sweden-born fan funding platform, Corite – co-founded by Universal Music Sweden alumni Mattias Tengblad (CEO) and Emil Angervall (COO) – is planning to launch a new blockchain-based platform.
The announcement follows the company’s successful closing of a US $2.2m pre-sale for the utility token $CO that will serve as the native currency of the platform.
The platform will allow $CO token holders to participate in blockchain fan funding and promotion, get early access to invest in music projects, in addition to earning rewards for “contributing and participating in the governance of the Corite ecosystem”, according to a media release.
The project is being developed in partnership with Swedish blockchain technology pioneers ChromaWay.
Development on the platform is already underway, with a Minimum Viable Product (MVP) slated for Q3 2021.
Corite, which inked a partnership with L.A-based HITCO Entertainment in May, enables fans to directly invest in their favorite artists, and to earn a proportion of said artists’ streaming royalties in return.
HITCO, run by L.A Reid and Charles Goldstuck, acquired a minority stake in Corite as part of the partnership announced in May, which sees the platform expand into the US.
Corite was launched in Sweden in 2019 and has also since expanded to Europe. The company says that thousands of backers have signed up to become active stakeholders in their favorite artists through the platform.
The platform has run more than 150 campaigns, generating millions of streams. Artist collaborations include Danny Saucedo, Sabina Ddumba, Kid Travis and King Charles.
“The new music industry will be driven by hundreds of thousands independent artists using the power of the fans to grow their careers.”
Mattias Tengblad, Corite
Mattias Tengblad, CEO and Co-Founder of Corite said: “The new music industry will be driven by hundreds of thousands independent artists using the power of the fans to grow their careers.
“Blockchain technology is the perfect answer to this trend, enabling artists to keep control of their art with higher margins and also create new revenue streams monetizing digital art and music. This is what we call fan power.”
”With this next big step in the evolution of Corite, fans will be able to actively invest in artists and music using cryptocurrency.”
Emil Angervall, Corite
Emil Angervall, Co-Founder of Corite added: ”With this next big step in the evolution of Corite, fans will be able to actively invest in artists and music using cryptocurrency.
“Royalty splits and other utilities are secured through smart contracts on the blockchain. Our vision is to build a truly decentralized platform – ruled by artists, backed by fans.”Music Business Worldwide