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Sound.Xyz Raises $5M From A16Z To Explore How Web3 Can Upend The Economics Of The Music Business

PRIVATEDec 15, 2021

Amount Raised

$5 Million

Round Type

Funding Round

SoftwareMedia And EntertainmentMobileMusic And Audio

Description

This year, we’ve seen plenty of evidence that NFTs can shake up the economics of selling visual art, but there’s been less activity when it comes to web3 upending the economics of different verticals in the art world, including music.

Who else raised in Media And Entertainment and Mobile around the same time

Companies in the same sectors as Sound.Xyz that raised within 45 days of this round, from Fundz verified event records.

  • Pocket FM raised $22M (Series B) on December 6, 2021.
  • Parler raised $20M (Funding Round) on January 7, 2022.
  • Parler raised $20M on January 6, 2022.
  • U Sound raised $30M (Funding Round) on December 17, 2021.
  • Playtertainment raised $5M (Funding Round) on November 9, 2021.
  • DYRT, INC. raised $11M on November 5, 2021.

Who to call at Sound.Xyz, and when

A new round usually means Sound.Xyz is about to hire and buy. The teams that reach out first get the meeting.

  • An alert the day Sound.Xyz raises, hires an executive or expands, scored against what you sell
  • The decision-makers there, with verified emails
  • Who you already know at Sound.Xyz, from your own LinkedIn network

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Company Information

Company

Sound.Xyz

About

Sound.xyz is a new startup looking to help recording artists monetize their community through NFTs, as the startup looks to build out a suite of tools designed to bring musicians into the so-called “Web3” fold. The startup released is first product earlier this month, Listening Parties, which enable artists to sell NFTs tagged to the release of new songs. The startup tells TechCrunch it has raised $5 million in a seed raise led by Andreessen Horowitz. The startup is looking to push emerging artists to monetize their work more effectively by leveraging NFTs and help them rise above earning minute fractions of pennies per stream on platforms like Spotify. “The problems that we want to solve are: Can we get music heard and can we get artists paid?”The startup has partnered with a number of “crypto-friendly” recording artists that have been engaging with the community. As the startup gauges demand for NFT drops tied to song drops for certain artists, they have ambition to release more NFTs to the community. The startup notably does not take a commission on the sales and the NFTs. Down the road, the startup wants to create broader tools that allow musicians to crowdfund from fans to create new works and tackle new projects while also creating new incentive models for curators to discover and showcase new music.

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Sound.Xyz raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.

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