Corite is a platform that lets artists get funding and marketing support from fans. In return, they share a percentage of the revenues when music is streamed.
- Fan campaign is set up by the artist: The artist presents their project to potential backers by describing the music, adding their bio, images and a 30 sec snippet of the song they are letting fans invest in.
- Backers get a share: Backers and fans listen to the song and make up their minds whether they want to get their share!. 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 10% of the raised capital and the future royalties.
- All share the success: Song is released through Corite or another distributor to all major music services (Spotify, Apple Music, TikTok, etc). Artist and backers can then follow the progress and are incentivised to promote the song by doing Missions over the year they get a share. If the song doubles the streaming goal, it means double the money back. Backers and artists get paid once a month.
The above describes our proven fan funding model, however the introduction of the Corite CO Project and the launch of Missions and NFT Fan Campaigns has given a twist to said model to turn Corite into a blockchain-based music platform jointly powered by fans and artists to finance and promote music in a Play to Earn model.
Whether you would like to launch a Fan Campaign, get funding and marketing support, need distribution or want to explore the benefits of web3 and utilizing blockchain technology, we got you covered!
Reach out to us if you have any questions.