Medallion, a platform designed specifically for artists to engage with their fans and directly sell digital content, has closed a promising $13.7 million in Series A funding. This round of funding was co-led by Dragonfly and Lightspeed Faction, marking a significant step forward for the company.
Matt Jones, co-founder and CEO of Medallion, emphasized the potential for direct artist-to-fan connections, acknowledging that while streaming and social media have expanded distribution channels for music, there is still untapped potential for deeper connections with fans.
With the newly acquired funds, Medallion plans to address the lack of control artists often feel regarding their online relationships with fans. The company’s strategy involves introducing new early access opportunities and exclusive member benefits, such as pre-released music, presale tickets, video premieres, and updates.
Another noteworthy feature is the introduction of “Digital Deluxe” in select countries, enabling artists to sell digital versions of albums along with embedded content. Additionally, artists will soon have the ability to sell exclusive and limited-edition digital collectibles and NFTs, expanding their revenue streams and fan engagement opportunities.
Medallion is built on the blockchain and offers integration with platforms like Shopify, providing artists with the flexibility to sell both digital and physical items. The platform is free for artists to use, with Medallion taking a percentage of all sales, although the exact percentage was not disclosed.
One unique aspect of Medallion is its white-label nature, allowing artists to customize their digital spaces with their own branding. Upon signing up, fans receive a unique digital collectible or membership card, known as a “Medallion,” granting them free access to the community.
Currently, the platform is powering fan communities for 20 artists, including Jungle, Greta Van Fleet, Illenium, and Disclosure. However, Medallion plans to expand its availability to a few hundred more artists in 2024 before becoming widely accessible in 2025 or later.
The team behind Medallion consists of experienced individuals with backgrounds in tech, e-commerce, and the music industry. With additional support from investors like Coinbase Ventures, Infinite Capital, and music industry investors, Medallion has raised a total of $22 million to date.
As the company prepares for further expansion, the intersection of technology and music is becoming increasingly dynamic. Artists are recognizing the importance of building their brand and engaging with fans in multifaceted ways, positioning themselves as more than just content creators.
Overall, Medallion’s vision and commitment to empowering artists to connect with their fans through innovative digital experiences are setting a new standard for the music industry.
