TRAX Raises $2.9M in Decentralised Funding Round
Summary
LONDON, Jan. 16, 2024 /PRNewswire/ -- TRAX, a London-based web3 music startup, has successfully raised a $2.9m* decentralised funding round on the Internet Computer ($ICP) blockchain. Superfans spend 80% more on music each month than passive listeners[1] and represent a $USD4.2b addressable market according to Goldman Sachs Music in the Air Report[2].TRAXs goal is to give artists the opportunity to grow their communities and increase revenue via exclusive content and events. Fans are naturally more partial to supporting their favourite artists, but major music platforms have yet to reflect this nuance in their algorithms and pricing structure. When a fan buys content on TRAX, theyre actively building a relationship with artists that supports future projects and brings everyone in the community closer together" explained Henry Wilson, co-founder & COO of TRAX, in an interview with Wonderland Magazine last year[3].In October 2023, TRAXs Class of 24 artist campaign saw ten up-and-coming global acts - including UK climbers DEIJUVHS and Master Peace - celebrate unreleased music with their top fans. TRAX is now looking to strengthen its status as a leader in the web3 music space with the ability to onboard and grow artists in the superfan economy.Last week Universal Music Group Chairman and CEO Lucien Grainge hailed the superfan opportunity as a major turning point for record labels and artists "The next focus of our strategy will be to grow the pie for all artists, by strengthening the artist-fan relationship through superfan experiences and products"[4].