Heavy metal band Metallica are among the investors in the new fan hub music platform Medallion. So far, the enterprise has amassed almost £11million in capital thanks to big names buying into the project.
Metallica are the latest to invest in the artist-to-fan platform which allows bands to set up dedicated hubs for paying punters who then get premium access to releases, concert info, merchandise and more. The hope is that this can make the economics of music fairer for all involved.
They aren’t the only musicians to pledge some cash either, Jungle, Tiga, Mt Joy, and Guy Lawrence of Disclosure are among the other notable names to have invested so far. This pool has been added by investment from major tech firms too.
In an explainer of their aim, the people behind the platform stated: “We at Medallion are building the most powerful direct sales and marketing platform in music. We empower artists to offer their fans premium music products and first access to music, tour presales, merch and more.”
They continue: “Today we announce our Series A financing. Just 18 months after we launched v1 of our product, we have hundreds of thousands of fans using the platform to get better access, experiences and products from their most loved artists. It has been an incredible journey already, and we’re thrilled about what’s ahead.”
Medallion believe that it will become a tool that will sustainably promote artists. “Our vision is to build the most powerful direct-to-fan sales and marketing platform for artists to turn big fans into lifelong supporters,” the say.
Concluding: “With Medallion, artists can create a digital space that they own, invite fans to become members to capture data with account creation, reward them with early access to music and tickets, and sell exclusive digital music products.”
