Hollywood is a place that requires a similar entrepreneurial spirit to Silicon Valley. Both cities are located in California but they are worlds apart.
New technologies developed by Silicon Valley entrepreneurs are constantly disrupting the music industry. Ne-Yo, a Grammy-winning R&B singer, decided to join the fight and get involved with an app that expands its reach to make sure artists get paid.
Compound Entertainment cofounders Rynell Hay and Tishawn Gayle, music executives and music executives, announced a partnership to LUM.
LUM is a streaming and discovery app that was previously mobile/iOS-only. However, it has just launched an Android- and web-friendly platform that focuses on artist collaboration and monetization.
Virtual gifting, LUM's in-app currency feature that allows emerging musicians to increase their fan base and make more money is the goal. This model allows artists to use the service to become entrepreneurs by involving more people in their communities.
Ne-Yo's collaborations with LUM are different from Jay-Z's approach when launching Tidal. He jumped upstream by grabbing Jay-Z's music via Spotify.
But he later reversed his decision. It's also informed by other tech-and-music cautionary tales like the one in which U2 had their album preinstalled on all iPhone 6 devices.
This caused much confusion.
But these were the early days. The transition from successful recording artist into tech tycoon is much more complex today.
Ne-Yo has teamed up with LUM to become a leader in cryptocurrency, the latest technology trend. It is expected that cryptocurrency will disrupt a $26.5 trillion financial services market by 2022.
Ne-Yo said that technology has played a significant role in our lives. Sometimes it's for the better but other times it can disrupt systems that would have been better left intact." This interview was conducted just before the launch of the Android and web platforms.
We should not complain about the difficulties we face as artists. It's important that we find new opportunities and embrace the tools that can help us rewrite rules in a way that preserves art.
Artists can upload content to the app. Fans can search for artists and share music with their friends. The app can then be used to create an ecosystem of digital assets that can be traded and sold using its virtual currency.
This will incentivize artists to make an income. Ne-Yo said that LUM is a rare tool. It's changing the music landscape for artists struggling to make a living. It's helping independent artists and fans to envision the future of music.
LUM's virtual gifting service does not require a minimum number of video views or followers. This is in contrast to platforms such as TikTok which have high thresholds.
This makes the revenue channel inaccessible to new/up-and-coming artists. Max Fergus, Jake Fergus, co-founders of LUM, said that "virtual gifting" has allowed us to offer tens to thousands of independent creators a fresh way to view their careers.
It helps them to build stronger relationships, network and collaborate, and ultimately make real money.
