Quick take:
- The Series A round brings the total raised to date to $22 million.
- Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime and Zeal Capital also joined the round.
- The fundraising also attracted a handful of music industry investors including Bill Silva Entertainment, Black Squirrel, Foundations Artist Management, and TAG Music.
Web3 music streaming platform Medallion has announced a $13.7 million Series A round co-led by Dragonfly Capital and Lightspeed Faction. The fundraising also attracted participation from Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime and Zeal Capital.
Leading music industry investors Bill Silva Entertainment, Black Squirrel, Foundations Artist Management, Method and TAG Music also joined the round. Medallion also counts top music artists Jungle, Mt. Joy and Tiga among its backers. This funding round brings the total raised to date to $22 million.
Medallion joins a growing list of Web3 music streaming platforms that are looking to democratise the industry by creating deeper relationships between artists and their fans. Musicians have leaned on blockchain technology in a bid to establish direct ownership of their communities.
Earlier this month, Web3 music streaming platform SONA Stream raised $6.9 million in seed funding from Polychain Capital, Haun Ventures and Rogue Capital. In July 2023, electronic music platform Beatport launched an NFT music platform on Polkadot.
Medallion allows artists to album releases and tour dates as well as, offer merchandise for their fans. Users are also able to sell digital collectibles and share exclusive content with their fans.
Commenting on his company’s mission to empower artists through direct fan engagement, Matt Jones, the co-founder and CEO of Medallion said: “While streaming has opened up access to music and social media and created new channels for direct distribution, the full potential of direct artist-to-fan connections has not been realized.”
According to Jones, “Medallion’s artist-centric approach and emphasis on digitally native fan experiences is helping usher in a new, transformative period for artists.”
Although Medallion is free for artists to use, it takes an (undisclosed) percentage of the revenue they generate on its platform.
According to the announcement, Medallion plans to use the fresh capital to add new experiences to its platform including the ability to listen to pre-released music. The platform has already onboarded 20 artists including Jungle, Greta Van Fleet, Illenium, Disclosure, Tiga, Mt. Joy, Tycho, and My Morning Jacket, among others.
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