As artists look for ways to nab the biggest bucks for their work, streaming platform LÜM is gaining popularity with music makers and fans alike and has a star backer with industry knowledge.
Max Fergus, LÜM co-founder, said the allure of the platform lies in its ability to make connections between music lovers and creators, like singer and songwriter Ne-Yo, who is now partnering with the company.
"LÜM's a social music community for the next generation of artists and fans. Effectively, the LÜM platform combines music streaming and music discovery with a social media platform," Fergus told Cheddar.
While the year has been a struggle for many industries, last month LÜM closed a $3 million Series II funding round and gained a notable partner in Ne-Yo. A staunch advocate for artists, particularly independent artists, Ne-Yo told Cheddar the partnership is ideal as he navigates ways to help artists better reap the benefits of their work.
"Taking nothing away from the other streaming sites, but they're kind of designed to be in the favor of people that kind of have this big machine push behind them, that allows them to be in higher places on these playlists that are so important. That's not so much the case with an independent artist," Ne-Yo said.
The advantage for artists joining LÜM, according to Fergus, is that it not only helps with playlist placement and music discovery but when compared to other streaming platforms, LÜM's payouts are "8 times as much." While the platform doesn't pay music royalties, artists are able to generate income from direct fan gifting.
"Outside of being the future of music in the platform, about six months ago, LÜM became the first platform to allow fans to directly monetarily support artists on a music streaming platform through virtual gifting technology," Fergus said.
For Ne-Yo, fan engagement on LÜM was also a driving factor in his decision to get on board, he noted. Today's method of music consumption is vastly different than even 5 or 10 years ago; fans now rarely have opportunities to interact with artists at events like in-store meet and greets.
"I feel like LÜM is kind of trying to help bring back the importance of the relationship between the fan and the artist," he said.
Tech analyst Rene Ritchie discusses new EU legislation that will force iPhones to use a USB-C charger in fall 2024 and what that means for Apple's strategy in Europe.
Catching you up on the stories you need to know this morning, mass shooting victims testify on Capitol Hill, the White House outlines its plan to vaccinate kids younger than five years old, and we break down how to protect yourself from monkeypox.
There are now over 1,000 plant-based restaurants in the U.S. It's clear that people are hungry for vegan alternatives at restaurants nationwide. However, when it comes to pizza, vegan options don't have the best reputation. NUMU Food Group is looking to change that with its brand new vegan mozzarella. Mike Pytlinski, CEO of NUMU Food Group, joins Cheddar News to discuss.
Tattoo artist Katrina "Kat Tat" Jackson, famous for starring in the VH1 hit series "Black Ink Crew: Chicago," is also the first Black woman to own a tattoo shop in Beverly Hills. She joined Cheddar News to discuss her trailblazing work, the stigma BIPOC tattoo artists face in the industry, and the way the space has changed for artists of color since her start. "In the beginning, I remember walking into a tattoo shop just like, hey, I wanna learn, I wanna be a tattoo artist and kind of just being laughed at, not taken seriously," she said. "Even with the tattoo conventions, a lot of African American tattoo artists were almost scared to go to conventions because it's not a welcoming environment."
Jack Miller, Head of Trading at Baird, joined Closing Bell to break down how the Securities and Exchange Commission's proposals would change the landscape for individual investors, as they face stiff opposition from brokerages like Robinhood.
Robotics automation technology company Symbotic made its market debut on the Nasdaq via a SPAC merger with SVF Investment Corp. 3, a special purpose acquisition company sponsored by an affiliate of SoftBank Investment Advisers. Symbotic rang the Opening Bell at the Nasdaq to celebrate the occasion this morning. Its debut on Wall Street comes amid an urgent need for logistics solutions, as it aims to reimagine supply chains with its A.I.-powered robotic and software platform. Tom Earnst, CFO of Symbotic, and Vikas Parekh, managing partner at Softbank Investment Advisors, join Cheddar News' Closing Bell to discuss.
Michelle Castillo joined Closing Bell to break down Elon Musk's announcement to SpaceX employees that the Starlink internet business might not see itself as an IPO until 2025, Twitter planning to hand over the user data he requested as a condition of the acquisition, and Warren Buffet-backed Chinese EV company BYD stating it will be supplying batteries to Tesla "very soon."
