Music Ally wrote about the beta launch of Swedish fan-funding startup Corite in October, with five artists raising money from fans in exchange for a share of their royalties. Now the company has provided an update on how it all went.
“One month after the official launch, Corite has gathered thousands of registered users and closed ten campaigns for ten artists, collecting over $24,000 in total,” announced the company. One of the standout campaigns was for rapper Frej Larsson, who set out to raise €3k to release his track ‘Kingen’, but hit that target within 48 hours, and then doubled it the same day. Larsson ended up setting a final target of €12k, and hit that too. The track is due to be released this month, with a goal of 3.3m streams to hit its targets.
“Now that we have tested this on a local level, we’re excited to scale up and see what results we can create with higher stakes and wider fan bases,” said Corite’s CEO Mattias Tengblad. Note, the overall $24k total is correctly in dollars, but the amount raised by Larsson were in euros.