Sona raises $6.9M for its web3 music streaming platform

Jennifer Lee (Tokimonsta) – co-founder of Sona

Sonaa start-up created by dj-producer Tokimonsta who wants shake things up l’music streaming industry thanks to Web3has just collected 6.9 million dollars from Polychain and Haun Ventures.

Co-founded by American producer and DJ Jennifer Lee aka Tokimonsta, Sona believes that the economics of music streaming are “broken”.

Artists earn a fraction of a cent for each stream, which doesn’t reflect the value we create with our work. It’s time to do something better,” reads a statement on the company’s website.

Sona has thus developed an “artist-centric” protocol to make the revenue sharing in the music streaming industry.

Wednesday, the start-up announced the launch of its Sona Stream and a $6.9 million financing round.

Two major investors in the crypto ecosystem, Polychain Capital and Haun Ventures, put their hands in the pot. The funding round also includes the participation of Rogue Capital.

Specifically, Sona has devised a protocol that uses DeFi primitives to enable artists to generate additional revenue by offering their tracks as “SONAs”, a kind of musical NFT. SONA holders also receive rewards based on the number of views of their tracks.

So you’re quickly paying artists for their work, encouraging the creation of that work, and then also rewarding the people who actually support those artists,” explained Sona’s other co-founder, Laura Jaramillo, on Techcrunch.

Sona Stream is currently available in beta version, and can only be accessed from the USA.

Several web3 startups are now seeking to offer alternative solutions to music artists. This summer, Sound, another platform for marketing music in NFT format, raised $20 million from a16z, Snoop Dogg and Coinbase.

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