PledgeMusic may have collapsed, but there are other fan-funding startups emerging in its wake. The latest is from Sweden and is called Corite, and it’s one of the growing number of platforms that aim to get fans to invest in songs, and get a share of royalties back in return. “A record label ruled by fans,” being the way Corite pitches it. For artists, the company will also act as a digital distributor, complete with streaming analytics for musicians and their fan-investors.
Corite’s CEO is Mattias Tengblad, previously of Universal Music Group, where he launched its Spinnup and Digster subsidiaries in Scandinavia. His COO and co-founder is another former Universal staffer, Emil Angervall.
Corite is interesting because of the distribution angle: it’s not just trying to get fans to invest in music / artists, but (as its launch press-release puts it) “enables new artists to enter the music market without traditional record labels”. In that sense, it’s as much a rival to fellow Swedish startup Amuse as it is to other fan-investment startups.
Corite will roll out its closed beta over the next few months, starting with a partnership with emerging-artists contest the Denniz Pop Awards.