Lüm started life in 2019 as a music discovery app, and went on to raise $1.4m of seed funding before launching a virtual gifting feature in 2020 for fans to pay artists. Most recently, in January this year, it announced plans to pivot towards web3, promising to launch NFTs with 25 “globally known musicians” in its new Fan Access Passes service.
How is that going?
Er… Lüm has now announced that it is shutting down immediately. “Although we felt like we were on the right path, we know we did not accomplish our goals,” announced the company on its LinkedIn page, promising to share the full story later this week.
“Even though we will not be part of the future of the music industry, we will be the loudest cheerleaders for the artists we have worked with. We will also be on the sidelines cheering just as loud for the companies that will come next and make it easier for artists to monetize doing what they love…”
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