Photo by Richard Hurd
Gamifying Music Streaming Through Artist Advocacy
MADISON, WI – January 13, 2019 – The rapidly growing app, LÜM, that combines music streaming with the amplification effects of social media, has launched a virtual gifting system focused on direct-to-artist financial support. The Madison-based tech startup recently closed a $1.4 million seed financing and launched its social media and music streaming app in July 2019. The platform has grown to over 15,000 fans, 22,000 artists and has over 60,000 tracks in its music catalog.
Fans will now be able to use LÜM’s newly created in-app currency to gift their favorite artists. In the music streaming industry, less than 1% of artists earn any material income from fans streaming their music. On LÜM, artists can directly connect with fans and share their music, increasing and monetizing their fanbase all on one platform.
LÜM’s virtual in-app-currency, Notes, can either be bought in-app or earned through streaming music and engaging on the app. LÜM has eight levels of virtual gifts, with each gift representing a specific number of Notes. A Note has a set monetary value that is slightly greater than the royalty payout per stream of other music streaming alternatives. Fans can use LÜM’s virtual gifts to support their favorite artists, earning rewards and achievements along the way.
Current streaming platforms lack the ability for fans to directly support their favorite artists, while crowd-funding platforms lack the necessary incentives to drive fan support. LÜM creates a direct connection between the artists and fans, where artists provide unique content experiences and music to their loyal supporters. Fans can connect with the artists they gift and then compete to be an artist’s top supporter. By gamifying music discovery and enhancing the fan and artist experience, LÜM looks to revolutionize the way music streaming is monetized for artists.
LÜM has also recently partnered with Frank Productions, one of the largest concert promoters in the United States. The partnership looks to explore the relationship between LÜM’s fan and artist data, and its possible uses for live entertainment and other verticals in the music industry.
LÜM is a music streaming and discovery application built on a stand-alone social network that enables emerging artists to circulate their music and grow their fan base. The LÜM platform focuses exclusively on emerging artists and increases artist-to-fan and fan-to-fan engagement through the gamification of social music discovery. Artists upload their content and connect with fans on LÜM’s platform. Users discover, support and circulate music by sharing and engaging with their friends and peer communities. Founded in 2018, LÜM is headquartered in Madison, WI, with offices in Austin and New York City. For more information, visit https://lum.fm/.
About Frank Productions
Frank Productions is a full-service concert promotion company involved in every facet of live events including talent buying, marketing, ticketing, production, food and beverage, security, venue operations, administration, sponsorships, merchandising, and venue development. Frank Productions produces and promotes live entertainment events in clubs, arenas, performing arts centers, amphitheaters and stadiums across the country. In 2018, Frank Productions entered into a joint venture with Live Nation to continue their accelerated growth. Frank Productions’ brands include National Shows 2 and FPC-Live. For more information, visit www.frankproductions.com, www.FPC-Live.com, www.nationalshows2.com