Web3 firm Medallion, headed up by Matt Jones, the previous CEO of Warner-owned live performance discovery service Songkick, has raised over $9 million in a seed funding spherical.
Medallion claims to be constructing expertise that “helps artists create owned and operated digital worlds in web3 to broaden fan participation, actionable insights, and financial potential”.
Songkick was acquired by Warner Music Group in 2017.
Led by The Chernin Group, Medallion’s seed spherical attracted participation from further buyers from throughout the worlds of tech, crypto, and music.
Along with The Chernin Group, Medallion’s buyers embrace Alive VC, Betaworks, Blue Thoughts Capital, Coil, Copper, Flamingo DAO, Infinite Capital, Noise DAO, POAP Ventures, Polygon Ventures, Shima Capital, Spacestation, Synergis Capital, The Chernin Group, Third Prime and Wave Monetary.
From the music enterprise, Medallion’s seed spherical noticed assist from One other Planet Leisure, Dan Berkowitz, iLLENIUM, Mick Administration, Mike Shinoda, Pink Mild Ventures, Ryan McMahon, Ryan Rabin, Tycho, and tvg hospitality.
Medallion says that its core crew carry expertise from corporations corresponding to Instagram, Uniswap, Hearst, Songkick, Warner Music Group, and extra.
The startup provides that the seed funding might be invested in early product growth and Medallion’s engineering and product groups.
By summer season 2022, Medallion says that it expects to launch the product with a primary slate of established artists.
Medallion is described as a white-labeled consumer-facing product that’s “constructed for and operated by artists”.
In a media assertion asserting the funding spherical, the startup explains that “followers can be a part of communities that feel and look native to an artist’s world, by a frictionless web3 onboarding that requires no technical set-up or funds”.
Provides the assertion: “As neighborhood members, followers can acquire entry to behind-the-scenes content material, particular occasions, and limited-edition merchandise. Members also can take part within the artistic course of round music and artwork, and personal part of the outputs to get nearer to the artwork they love.”
Angels buyers within the spherical included, Ben Chan, Ben Chereskin, Cooper Turley, Darren Lachtman, Geoff Renaud, James Ferrell, Joe Buttram, Kevin Alvarez-Fung, Matt Luckett, Max Energy, Maximillian Jungreis, Namit Service provider, Rob Fishman, Ryan Bubinski.
“Web3 is rewriting the foundations for the way artists and followers join. Direct relationships may be fashioned immutably on the blockchain and used as entry factors to make fan experiences extra fulfilling.”
Matt Jones, Me
Matt Jones, CEO mentioned: “Web3 is rewriting the foundations for the way artists and followers join. Direct relationships may be fashioned immutably on the blockchain and used as entry factors to make fan experiences extra fulfilling.
“The chance in web3 is about constructing long-lasting connections, not short-term monetary good points.”
“The largest gamers might be those who perceive web3 is a relationships enterprise.”
Jarrod Dicker, The Chernin Group
Jarrod Dicker, Companion at The Chernin Group added: “The largest gamers might be those who perceive web3 is a relationships enterprise.
“There’s no larger alternative in music than reworking the artist and fan relationship with a depth of ardour and possession that’s unimaginable within the present digital setting.
“This crew has a robust historical past of constructing pioneering expertise for the world’s greatest artists, and is nicely positioned to take web3 to the plenty.”Music Enterprise Worldwide
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