Snoop Dogg Takes Part in Web3 Startup Sound’s $20M Funding Round
Sound has raised $20M in a Series A funding round led by the crypto arm of venture capital fund, a16z.
With investments from Rapper Snoop Dogg, Actor Ashton Kutcher, Producer Ryan Tedder, Musician Tay Keith, Palm Tree Crew, A Capital, Collab + Currency and Scalar Capital, Sound seeks to create a new business model for musicians in comparison to traditional streaming services.
Users will be given the option to decide how much they want to pay for a purchased track, while the authors maintain the right to set the minimum cost of the song.
What’s more, 100% of earnings goes directly to the artist, and they retain all copyrights.
With many musicians already testing the platform, the company estimates that they earned a total of $5.5 million in royalties last year, and the service is now open to everyone.
