Last updated on March 17th, 2020 at 01:32 pm
Madison-based startup LÜM will launch a virtual gifting system as part of its music streaming platform in January of 2020, the company announced today.
The new gifting system allows fans to support their favorite artists using LÜM’s in-app currency called “Notes,” which app-users can purchase or earn through rewards and achievements. The goal of the system is to allow musicians to grow and monetize their fan base.
LÜM chief executive officer Max Fergus said many app users in the music streaming industry have been frustrated by the financial side of the industry.
“Therein lies the need for disruption,” Fergus said. “Every generation has seen an evolution of music consumption, and now we have the ability to give this generation of artists and fans what they truly want—a better community around music advocacy and artist profitability.”
Live Undiscovered Music Inc., or LÜM, is a music streaming and discovery social network founded in 2018 by a group of University of Wisconsin-Madison students and alumni.
Since launching its app, LÜM has accumulated over 30,000 users and 50,000 tracks. The company recently established new offices in Austin, Texas and New York City.
Over the summer, LÜM closed a $1.4 million seed round and also partnered with Frank Productions, one of the largest concert promoters in the United States. In partnership with Frank Productions, LÜM hopes to expand its virtual gifting system into live entertainment as well as other areas that can advance the careers of emerging musicians.