Web3 music platform Tune.FM said Wednesday that it has secured a $50 million capital commitment from the Global Emerging Markets (GEM) Group.
The news comes just eight months after Tune.FM shared it had raised $20 million in a funding round.
Tune.FM, which describes itself as a decentralized music-streaming project atop the Hedera Hashgraph blockchain, aims to help artists earn more in royalties from their music by “streaming royalty micropayments and digital music collectibles,” with its native JAM token.
“Artists can expand their fanbase by promoting their music with JAM, so first-time listeners can play-to-earn JAM to discover newly promoted music. This allows artists to earn an ROI on their promotion as new fans discover and stream their music again and again,” Tune.FM wrote in a press release shared with CoinDesk.
The new capital will go towards growing its users as well as towards efforts to promote its token, marketing, development, and new product offerings, Tune.FM said.
“Tune.FM will soon launch a desktop application for Mac and Windows to complement our mobile apps in the Apple App Store and Google Play Store,” the team shared in the press release.