Recently launched Stockholm-based artist funding platform, Corite – co-founded by Universal Music Group alumni Mattias Tengblad (CEO) and Emil Angervall (COO) – says that it’s off to a flying start.
Corite released its platform in beta in October and claims to have already gathered thousands of registered users and closed 10 campaigns for 10 artists so far – collecting over $24,000 in total.
The platform lets fans invest in music and receive monetary rewards via royalties from the likes of Spotify and Apple Music.
Corite allows artists to estimate the value of a song they have created based on their streaming history and future projections, before announcing the amount they want to raise, and setting a percentage of streaming royalties which investors will receive in return.
Investing fans can follow the performance of songs on their Corite dashboards and revenues are shared with backers over time.
Frej Larsson, Albin Johnsén, Buster Moe, ISA, Jakob Karlberg, Ellen Krauss, JANNA, Daouda, Amanda Alexander and Penthox are some of the first artists on Corite.
One of the beta phase case studies provided by Corite is Swedish independent rapper Frej Larsson, who last month raised $12,000 via the platform for his song Kingen, which will be released soon.
The initial campaign goal, set at $3,000, was reached within 48 hours. Frej then doubled the stake to $6,000, which was reached in the same day.
Frej raised the target once more to $12,000 and the campaign was fully funded shorty after.
The artist plans to throw a party at a castle for all of the supporting fans once the song is certified Gold in Sweden.
In September, Corite partnered with London based AI-driven talent discovery business Instrumental have announced a global collaboration.
The partnership will see Corite leverage Instrumental’s TalentAI platform to identify emerging musicians on the verge of success on its recently-launched fan funding service.
“This is just the start – the power of fan engagement is limitless and we’ll continue to work to enable these relationships in order to empower artist careers in what we consider to be a new era of music.”
Mattias Tengblad, Corite
Mattias Tengblad, CEO and co-founder, Corite, said: “We’re thrilled to prove that this model really works.
“This is just the start – the power of fan engagement is limitless and we’ll continue to work to enable these relationships in order to empower artist careers in what we consider to be a new era of music.”
“Now that we have tested this on a local level, we’re excited to scale up and see what results we can create with higher stakes and wider fan bases.
“Frej is an excellent example of how artists can use Corite to engage with their fans on a new level. This campaign was on the artist’s and the fans’s own terms from the start.”
Frej Larsson said: “There is no one else I’d rather share my revenue with than my fans, since they are the ones who will hype me in the end.
“So when our new track Kingen sells gold, we will share the money, and have a huge party in a castle!”Music Business Worldwide
