Technology is a leading indicator of disruption. Yet technology and innovation often conflict with incumbents’ desire to hold on to their power — resulting in complacency and contentment with the status quo.
However, this is only true in the short term. In the end, innovation always wins.
This fight between the old guard and the new disruptors has never been more prevalent than what we are seeing right now in the music industry. A constant battle between labels, streaming services, and our own government has stifled innovation. There is no doubt that the powers that be and innovative disruptors are clearly in a race for where we go next.
One year ago, our small iOS application became the first digital music ecosystem in the U.S. to allow for direct-to-artist financial support through virtual gifting technology. Over the last year, we have seen this innovative compensation model start to take hold. Artists on LÜM are now making more money per stream than every other U.S.-based music streaming service.
Giving artists a new type of tool to build communities of their fans and better control their content was just the beginning. After launching our Android and web platforms a few months later, we launched a new pillar of our ecosystem — a music marketplace driven by digital, peer-to-peer collaboration called the Exchange. The results have been just as exciting. Our small community has grown to over 130,000 independent creators.
Many companies struggle to listen to their users, just like they struggle to adopt new technology to adapt to change. Nonetheless, it is because of our users, our creators, and their creativity that we have been able to create the tools that they need to succeed at every stage of their career. Now in our second year, we are listening to our creators again.
Today, we are excited to announce the launch of LÜM’s Sync Program. LÜM is giving independent musicians more and more tools to take control of their careers, and our Sync Program is simply the latest addition to their toolkit.
Our Sync Program will focus on providing artist education and placement opportunities, drawing from the music of LÜM’s diverse base of creators. LÜM will work with brands, supervisors, and agencies to bring a different way of thinking about Sync to the forefront of the music industry. Combining the advocacy of independent musicians with affordable content will pave a new future and bring these artists into the commercial spotlight.
Power and innovation are currently in a battle for the future of music. Still, we know that innovation always wins. Now with over 130,000 musicians paving the way, that future is closer than ever to reality.