MADISON, WI – April 3, 2020 – Today, the social music streaming app LÜM is being highlighted by Apple as “App of the Day.” This follows the company’s announcement of becoming the first music streaming platform in the US to allow for direct-to-artist virtual gifting. The company’s virtual gifting system launched in January 2020, via a new in-app virtual currency called the “Note.”
The Madison-based tech startup recently closed a second round of financing after launching its social media and music streaming app in July 2019. The platform has quickly grown to over 70,000 users, including 45,000 musicians and a catalog of over 125,000 tracks. In January, LÜM launched the “Note,” becoming the first in-app virtual currency to be used for artist financial support in a music streaming platform in the US.
“We live in a world where people are quick to congratulate, but slow to support,” said Max Fergus, CEO of LÜM. “We want young independent musicians to know that we, along with millions of others, want to support them, because we know that they will succeed in their endeavors. Technology, and even more importantly, human connection, will continue to shape many industries, including music. We are excited to bring that future to artists and fans.”
Within the first two months since the launch of LÜM’s virtual currency, over 8,000 artists have received direct support from fans. Over 12,000,0000 Notes have been gifted to artists. Each Note has direct financial value equal to the average royalty payout per stream on alternative streaming platforms. The average payout to supported artists on LÜM is approximately 8 times higher than the per stream income generated by artists on other major music streaming services. In the future, LÜM looks to apply its virtual currency to new areas of the music industry and continue to pursue the company’s ultimate goal of creating a path for independent artists to make a career out of their passion for music. LÜM has also recently launched a COVID-19 response to subsidize additional income for creators during the crisis.
Please follow this link to the “Today Tab” on the Apple App store to find LÜM’s featured story under App of the Day.