By CultureBanx Team
- Snoop Dogg and Andreessen Horowitz are harmonizing with Web3, backing music platform Sound with a $20M investment
- The emerging Web 3.0 market, currently valued at $3.34B, is projected to crescendo to a staggering $49.10B by 2030.
Hip-hop heavyweights and venture capital funds collide with a major Web3 investment. Sound, the Web3 music platform has secured its Series A funding round of $20 million. The investment comes from hip-hop icon Snoop Dogg and renowned venture capital firm Andreessen Horowitz (a16z). This funding marks a turning point for the music industry where artists currently earn an average of $0.003 per stream on platforms like Spotify (SPOT -2.77%).
Why This Matters: The significance of this development lies in the growing Web 3.0 market, which is currently valued at $3.34 billion and projected to skyrocket to $49.10 billion by 2030. With this funding secured by Sound, it signals a shift towards creating an equitable music industry where artists can fully benefit from their hard work and talent.
Despite the meager per-stream earnings on Spotify, artists are flourishing, underscoring the demand for more equitable revenue models. Sound’s mission is to bridge the gap between streaming platforms and fair compensation by offering payouts to artists and ensuring they receive their share of revenue.
What’s Next: Sound’s innovative approach could potentially reshape the entire music industry landscape. By eliminating intermediaries artists now have access to their audience while retaining a portion of their earnings. This disruptive approach poses a challenge to the dominance of established streaming platforms. However, it paves the way for an industry that focuses more on empowering artists.
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