Photo: LÜM
MADISON, WISCONSIN — Earlier this year, music discovery and streaming app, LÜM, launched a first of it’s kind direct-to-artist virtual gifting system. LÜM, which stands for “Live Undiscovered Music” combines music streaming with the amplification effects of social media–creating a virtual gifting system focused on direct-to-artist financial support. While festivals and events are getting cancelled or put on hold, LÜM seems like the perfect option for artists to recoup some of their losses with the recent COVID-19 pandemic.
Download LÜM (iOS) – https://lumfm.app.link/tJkhwvsNY2
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.
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Written by: Electric Feels Staff
