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:
- Fan campaign is set up by the artist: A fan 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 revenues 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 10% 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, TikTok, 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.
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.