Music Ally reported on Swedish startup Corite in August. It was a new fan-funding platform founded by former UMG execs Mattias Tengblad and Emil Angervall, offering distribution to artists but also the option for fans to invest in their music, and take a share of royalties.
Today, Corite is launching in ‘beta mode’ with five Swedish artists: Albin Johnsén, ISA, Buster Moe, Amanda Alexander and Penthox. In each case, the artist sets how much they want to raise for a campaign, and what percentage they’ll share with fans. “The backers will not only make a monetary contribution, they will support in boosting and creating hit songs for the artists,” said Angervall in a statement.
Four of the artists are carefully setting their sights low for their first campaign, raising between £1,350 and €1,800 for their first releases. Johnsén is the exception, seeking €15k for his first Corite campaign. Each campaign includes a goal measured by streams rather than sales. Johnsén’s goal for his ‘Jag håller av dig’ track is 5m streams, for example, while Alexander’s ‘Modern Lovers’ is only aiming for 450k streams.
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