Web3-based startup anotherblock raises €4M to redefine music ownership
Swedish Web3 music startup anotherblock has raised €4 million in seed financing to scale up its mission of redefining music ownership
The startup will use the seed fund to scale up globally and reach out to more artists, music producers and record labels. It aims to create a model that allows new artists, including independent ones, to fund their careers and engage with fans on the platform.
UK-based venture capitalists Stride.VC led the latest fundraising with participation from Swedish House Mafia’s member Axwell.
Stride.VC partner Gabbi Cahane said anotherblock’s value proposition could be a “seismic shift” in the music industry, which is famously known for its strict IP protection.
Cahane is confident that anotherblock can develop a platform that enhances liquidity, transparency and fairness in the music economy, highlighting the use of Web3 technology on the platform, which allows the decentralisation of music ownership.
Meanwhile, Axwell said he had followed anotherblock since its inception, adding that the startup’s work aligns with his vision.
“Enabling greater rights flexibility is the future of the music industry,” said Axwell. “It creates a whole new freedom for creators to share the financial incentives with fans, which are the most important thing we have.”
Launched in August 2022, the Stockholm startup is committed to promoting the democratisation of music rights. Its blockchain-based music marketplace grants fans streaming rights for various global hit songs from musicians like Rihanna and Alan Walker.
Co-founder and CEO Michel D. Traore said having “world-class backers” like Stride.VC and Axwell is “extremely valuable” for the startup’s further development.
Anotherblock targeting wider audience
In the first year of its operation, anotherblock’s primary focus is to educate and prove its product to the music community. Going forward, anotherblock targets a broader audience outside of the crypto space.
Traore said the blockchain ecosystem had attracted more active users and offered more opportunities to engage them, opening up “endless” possibilities for combining technology and music rights.
On anotherblock, music owners sell NFTs that contain a share of the music streaming royalties. NFT owners will receive royalty payments quarterly, bi-annually, or annually based on their stakes.
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