As consolidation continues in the music distribution sector – Sony Music buying AWAL most recently – so new companies continue to pop up. Trac is one of them: founded in 2020 but closing its $2.5m pre-seed funding round now.
Based on Los Angeles, the company has ambitions beyond simply helping independent artists get their music onto streaming services. In fact, it says it wants to build “the ultimate artist stack, bridging Web2 and Web3”, including “creating decentralized autonomous organisations (DAOs) for artists that will run on their own unique artist tokens that incentivise engagement”.
Distributors exploring web3 isn’t a new thing – see Ditto Music’s Opulous spin-off – but it’s interesting to see Trac making it one of its key selling points to artists. The funding round was led by Nigerian VC Zrosk Investment Management, with NFTs pioneer Dapper Labs among the other investors.
Tools: platforms to help you reach new audiences
Tools :: Wyng
Through Music Ally’s internal marketing campaign tracking, we’ve recently discovered an interesting website by the…