Published
Tue, Mar 6, 2018, 16:24
- Reflective Ventures is behind the cash injection.
Berlin-based ethical streaming platform Resonate has received a $1 million (USD) investment from Reflective Ventures.
The cash injection will help the blockchain-based, community-owned streaming service to develop its goal of a transparent, ethical form of digital music distribution. Reflective Ventures is the investment arm of RChain, a cooperative from Seattle whose blockchain system is "ideal for growing decentralised social networks." RChain will help Resonate develop its own utility token, which will open new services for connecting fans and artists. The new services are expected to be deployed in the first quarter of 2019.
While streaming giants like Spotify pursue unprofitable models that distribute revenue away from the majority of artists, Resonate aims to prioritise the needs of creators—its stated goal is to become "the Bandcamp for streaming." Labels like Planet Mu, Halcyon Veil and RVNG Intl. are counted among the early adopters.
Listen to an Exchange with Mat Dryhurst, a board member at Resonate.