Grammy-winning R&B star Ne-Yo is looking to get his share of Silicon Valley through a music sharing App. The hitmaker and his record label, Compound Entertainment, have announced a partnership with LÜM, a streaming and discovery application that had previously been mobile/iOS-only but has just launched a web- and Android-friendly platform called the Exchange that emphasizes artist collaboration and monetization.
With the new venture, Ne-Yo is looking to increase the fan base and revenue for participating artists through LÜM’s in-app “virtual gifting” currency feature.
“Tech has come to play a huge role in our lives, sometimes for the better, but sometimes disrupting systems that might have been better off left intact,” Ne-Yo stated in a recent interview. “Rather than complain about the challenges we’re facing as artists, it’s important for us to find new opportunities and embrace those tools that can help us rewrite the rules in a way that preserves the arts.”
Artists can upload their content to the app, where fans can discover artists and circulate music by re-sharing songs with their friends so that the app becomes an ecosystem of digital assets traded and sold with its virtual currency, incentivizing artists to earn income.
“LÜM is one of those rare tools — it’s totally changing the music landscape for artists who are struggling to make an income,” Ne-Yo added. “It’s laying the groundwork for independent artists and fans alike to see what the future of music can look like for them.”
Ne-Yo’s collaboration with LÜM differentiates from, say, Jay-Z’s streaming platform Tidal. It’s a model whereby greater community participation leads to greater rewards, allowing artists to leverage the service as an entrepreneurial tool.
According to Entrepreneur, linking up with LÜM and its Exchange, positions Ne-Yo as a leader amidst the hottest trend in technology, cryptocurrency, which is set to disrupt a financial services market that’s expected to reach $26.5 trillion by 2022.
I hope Ne-Yo’s LÜM will meet Ne-Yo’s expectations, so he can help more struggling artists get to the bag!