Swedish Company Corite Offers Fans A Chance To Invest In New Songs
Offering A Spotify Alternative
MATTIAS TENGBLAD, a former musician who was a commercial director at UNIVERSAL MUSIC in SWEDEN, is co-founder and CEO of CORITE (as in “cowrite”) — a platform that allows artists to crowdfund new releases. Fans get a small share in the profits of each track; artists keep creative control and a bigger slice of the pie from sales and streams. CORITE takes a 5 percent cut. He formed the company at least in part to fellow SWEDE DANIEL EK’s SPOTIFY, and artists complaints about the low royalties for streams.Said TENGBLAD, “To get signed, you have to get about 1 million streams per month and be big on socials. But by that point, why wouldn’t you see if you can make the cash by yourself? You have the community, platform, and appeal already — that’s where CORITE fits in.”TENGBLAD cofounded the company in 2019 alongside EMIL ANGERVALL, an industry veteran he’d worked closely with for 20 years. Artists who have migrated to CORITE from major labels include DJ ALAN WALKER, one of SPOTIFY’s top 100 most-streamed artists of all time. WALKER raised $25,000 through CORITE to crowdfund the recent single “Unity,” which was streamed more than 4.1 million times in its first month. Early investors can expect a return of between five and 10 times their initial investment.TENGBLAD points out that CORITE enables artists to collaborate with fans: WALKER included vocals fans submitted through the platform and used CORITE to sell NFTs of his YOUTUBE video, granting owners a share of future revenues. Artists can also give investors early access to new songs, secret gigs, and unique merchandise.Added TENGBLAD, “SPOTIFY is a passive platform. It doesn’t allow artists to speak to their fans directly. Instead, to engage you need INSTAGRAM, where you have to create pictures; TWITTER, you have to say something bullish; TIKTOK, it’s a video or a meme. You can never gather your fan base in one place or get feedback on what fans like.”
« see more Net News
