Corite is a digital platform that lets artists get funding and marketing support from fans. In return, they share their future revenues when music is streamed. The raised funds can be used by the artist for promotion, video creation, etc. So to sum it up:
- Campaign is set up by the artist: A campaign is a presentation of the artist and the music. The artist sets a funding goal, which is the same as deciding a royalty advance on an estimated number of streams. The advance will be funded by fans and repaid by revenue from streaming for one year.
- Backers get a share: Investors and fans listen to the song and decide to back it. If the artist believes the song will stream a lot, it means the song has a higher estimated value. A higher estimate means a higher price for the backers to get a share. Corite keeps 5% of the raised capital and the future royalties.
- All share the success: Song is released through Corite to all major music services (Spotify, Apple Music, Amazon etc). Artist and backers follow the progress and are incentivised to promote the song. If the song doubles the streaming goal, it means double the money back. Corite handles all payouts.