By Sukanya Ganesh — Sep 12, 2022

🎵 Letting Fans Invest in Musical Artists

How Corite empowers fans to engage with their favorite artists like never before

Today's Highlights

Corite - making money off supporting artists

Blockchain events - upcoming events in the blockchain world.

In Other News - a few interesting developments we're tracking.

Corite - making money off supporting artists

Corite's unique business model allows fans to invest in a musical artist and receive real-time returns on their investment, which comes from the artist's future streaming income based on a previously agreed upon percentage. It's essentially a win-win situation for both parties, since the artist can use any money raised to market their music before sharing the revenue with fans, who are not only delighted to engage with the artist in a deeply personal way, but also incentivized by the monetary gain to contribute to additional projects.

Corite empowers fans to be a part of an artist’s creative process and to help promote the music they love. Through Corite, artists can fund and release music with the backing of the fans – from the bedroom, kitchen or studio.

It can be difficult for less popular artists to get support and funding from labels and producers, Corite CO allows them to communicate directly with the general public. Any performer can set up their fan funding campaign within the platform. To do so, they will need to define the percentage of the revenues to be shared with the backers, and publish a short bite of their music, so users can learn more about the artist and the upcoming piece. Those who fall in love with the unique style can then make their investment.

With the Fans funding the music production and marketing costs, artists are released from a constant chase after unwilling financing centers. In this way, Corite CO serves to disintermediate the highly-gated industry of music distribution and marketing, using the blockchain and all perks that come with it. When the track is ready to be released, Corite CO helps artists get it featured on all major streaming services, such as Spotify, Apple Music, TikTok, and YouTube. The captured revenues are pulled back towards the artists and investors on the platform.

Mattias Tengblad and Emil Angervall are the Co-founders of Corite. Corite has raised a total of $6.9M in funding.