Despite Spotify being a great streaming option for listeners, artists are still struggling to make good money from the platform. However, a former artist turned CEO wants to change that.
Mattias Tengblad is the co-founder and CEO of Corite, a new company that allows artists to crowdfund new releases, giving fans a small portion of a track’s profits while giving the creator full creative control. Corite takes 5% of the cut.
Founded in 2019, the company has seen some major artists such as DJ Alan Walker make the jump to Corite’s platform. The goal seems to be to give the little guy some control over their favorite songs, as Tengblad also prevented a rich person from funding songs as well. “When you have 3,000 fans who have all invested $10 to actively work in your favor, that’s huge.” he told Wired. “If Alan Walker had wanted to, he could have had one rich man finance the whole total, but that would not have served any purpose. What is that one man going to do to promote it?”
Do you think this could change the music industry?