Web3 company Medallion, headed up by Matt Jones, the former CEO of Warner-owned concert discovery service Songkick, has raised over $9 million in a seed funding round.
Medallion claims to be building technology that “helps artists create owned and operated digital worlds in web3 to expand fan participation, actionable insights, and economic potential”.
Songkick was acquired by Warner Music Group in 2017.
Led by The Chernin Group, Medallion’s seed round attracted participation from additional investors from across the worlds of tech, crypto, and music.
In addition to The Chernin Group, Medallion’s investors include Alive VC, Betaworks, Blue Mind Capital, Coil, Copper, Flamingo DAO, Infinite Capital, Noise DAO, POAP Ventures, Polygon Ventures, Shima Capital, Spacestation, Synergis Capital, The Chernin Group, Third Prime and Wave Financial.
From the music business, Medallion’s seed round saw support from Another Planet Entertainment, Dan Berkowitz, iLLENIUM, Mick Management, Mike Shinoda, Red Light Ventures, Ryan McMahon, Ryan Rabin, Tycho, and tvg hospitality.
The startup adds that the seed funding will be invested in early product development and Medallion’s engineering and product teams.
By summer 2022, Medallion says that it expects to launch the product with a first slate of established artists.
Medallion is described as a white-labeled consumer-facing product that is “built for and operated by artists”.
In a media statement announcing the funding round, the startup explains that “fans can join communities that look and feel native to an artist’s world, through a frictionless web3 onboarding that requires no technical set-up or payments”.
Adds the statement: “As community members, fans can gain access to behind-the-scenes content, special events, and limited-edition products. Members can also participate in the creative process around music and art, and own a part of the outputs to get closer to the art they love.”
Angels investors in the round included, Ben Chan, Ben Chereskin, Cooper Turley, Darren Lachtman, Geoff Renaud, James Ferrell, Joe Buttram, Kevin Alvarez-Fung, Matt Luckett, Max Power, Maximillian Jungreis, Namit Merchant, Rob Fishman, Ryan Bubinski.
“Web3 is rewriting the rules for how artists and fans connect. Direct relationships can be formed immutably on the blockchain and used as access points to make fan experiences more fulfilling.”
Matt Jones, Me
Matt Jones, CEO said: “Web3 is rewriting the rules for how artists and fans connect. Direct relationships can be formed immutably on the blockchain and used as access points to make fan experiences more fulfilling.
“The opportunity in web3 is about building long-lasting connections, not short-term financial gains.”
“The biggest players will be those that understand web3 is a relationships business.”
Jarrod Dicker, The Chernin Group
Jarrod Dicker, Partner at The Chernin Group added: “The biggest players will be those that understand web3 is a relationships business.
“There’s no greater opportunity in music than transforming the artist and fan relationship with a depth of passion and ownership that is unimaginable in the existing digital environment.
“This team has a strong history of building pioneering technology for the world’s biggest artists, and is well positioned to take web3 to the masses.”Music Business Worldwide