In May, Live Undiscovered Music, or LÜM received $750,000 in seed round funding from Frank Productions Inc. LÜM is a music streaming service that is based in Madison, Wisconsin.
This platform is different than Spotify or Pandora because as the name suggests, it features music of artists who are undiscovered.
LÜM’s steaming service is unique because its platform is designed to be advantageous for new musicians who aren’t necessarily tied to big corporate names such as Universal Music Group. The main focus of the company is to give power to the artists and the fans, rather than the middleman. Fans are able to enjoy the benefits of being what LÜM dubs the ‘tastemaker’, which essentially means that they are more aware of the emerging hits and artists around them.
Fans are also able to stream free music from the platform, support their favorite emerging artists, and gain access to exclusive content such as song release dates before anyone else knows about it. Artists are able to enjoy the same environment that favors new and upcoming stars rather than being overshadowed by big moneymakers. They can also use the platform to upload unlimited music for free. The long-term goals that they can achieve through LÜM are connecting and collaborating with other artists, and growing a fan-base through the streaming service.
LÜM has raised $1.2 million in seed funding from Frank Productions since January when they received the initial $450 thousand to begin the round. They will use these funds to further develop their platform and get their beta service off the ground and turned into a fully functional streaming service.
Max Fergus, CEO, and founder launched the company in February 2018. He foresaw a platform with the potential to put the humanity of music back with the artists. The goal of LÜM was to make it possible for communities to support emerging artists in a world plagued by the monotony of streaming the same songs over and over again.
They acknowledged that in this day and age, it is very difficult for non-mainstream artists to accumulate fans over current mainstream streaming services. The solution they calculated was the social media-esc streaming platform that gave the power back to the fans and artists rather than big corporations.
Frank Productions Inc., the only funder in the recent round, is a marketing agency in Madison that focuses on music and has done a lot in the Madison community; they recently expanded to Nashville and Missouri. Since their founding in 1964, they have brought many artists to Madison and helped many groups and individuals off the ground. They brought the likes of Johnny Cash, Elvis Presley and Bruce Springsteen to Wisconsin. They also help artists with established fanbases such as the Red Hot Chili Peppers, and Metallica to gain national tours. As an established name and brand in the music world, it is exciting to see them investing in Madison startup.
For more information, check out their website: https://lum.fm/.
The post Live Undiscovered Music (LÜM) closes seed funding round appeared first on Silicon Prairie News.
