Photo Credit: Dune co-founders Paul Bowe and Paul Knowles
Dune, a fan-driven artist investment platform aiming to create new revenue streams for artists, is closing a Series A funding at $2.6 million.
Dune, a new online platform that aims to create important new revenue streams for artists through the monetization of their streaming activity, has launched a period of consultation and engagement with the wider music industry prior to its forthcoming full consumer launch this month.
The company, which has its UK headquarters in Manchester, was founded by music entrepreneurs Paul Knowles and Paul Bowe, who have decades of experience between them in pro-audio and artist services. An app-based engagement platform, Dune enables music fans to buy a “stake” in their favorite artists, which then fluctuates in value daily based on their streaming data.
“Dune acknowledges the fact that income from streaming simply isn’t enough to sustain most artists and that 99.9% of them face a funding gap,” said Paul Knowles. “Data shows that only 0.1% of artists generate enough revenue from streaming to cover modest monthly outgoings.”
Soon, Dune will complete a £2 million ($2.6 million) Series A funding round and aims to address this issue by creating a new music economy predicated on monetizing streaming in an equitable way.
By purchasing a stake, which can fluctuate in value based on day-to-day artist streaming data, fans will receive exclusive benefits from artists and can trade their stakes through the platform, with artists receiving income and valuable fan insights from any stakes sold.
Two well-known independent artists that have already signed up to Dune are Hertfordshire-based band The Hunna and Manchester-based American songwriter and multi-instrumentalist BC Camplight.
Ahead of its full consumer launch in November, artists and their representatives are now invited to claim their page on the Dune platform where they can start engaging with their fans and offering them stakes in their streaming activity. Any artist can sign up for Dune’s subscription-free offering using the platform’s admin tools, and when fully onboarded will always retain full control of their rights, while defining their ongoing commitment level.
Dune has produced a range of video tutorials, which help users navigate all aspects of the platform.
“Within the current music industry, it can feel like there are fewer and fewer ways for artists to thrive financially and truly engage with fans on digital platforms,” said BC Camplight. “Dune feels like it’s been created to change that, which is really refreshing to see. I’d encourage artists to sign up; it cuts through the fog and lets artists and fans find each other in a completely new way.”
“We’re really excited about Dune,” added The Hunna. “It’s a brilliant idea for both artists and fans. The music industry can be tough right now, and Dune offers a way to bridge that gap and make things fairer for artists. For fans, it’s a chance to feel more connected to the bands and music they love, and to be part of the journey in a totally new way.”
“The early responses we’ve had from artists, managers, and the wider music industry has been incredible,” Paul Bowe concluded. “By making Dune fair, equitable, easy-to-use, and fun, we have created a unique opportunity to deliver new income streams, create more engagement opportunities, reward fans, and ensure that streaming revenue is maximized for the benefit of artists.”
Content shared from www.digitalmusicnews.com.