Currently, more than 99 percent of audio streaming is of the top 10 percent most-streamed tracks. A team of UW-Madison students and alumni developed the LÜM platform in partnership with industry experts and artists. The application uses the music community as an interactive A&R machine to see early developments in music trends. Fans and communities, not corporations, are the ones who drive music discovery.
“The LÜM music streaming and stand-alone social network application focuses exclusively on emerging artists and gamifies music discovery by using fans and communities as a catalyst for ushering in a new generation of music,” according to Max Fergus, LÜM’s CEO.
LÜM is launching nationwide starting with an event on Aug. 17 as part of the 2018 Forward Entrepreneurship Festival in Madison, Wisconsin. Pre-launch, LÜM has early access users at over 75 universities and schools across the Midwest and nation.
Since incorporation, LÜM has raised an initial round of financing and secured guidance from an impressive board of advisors and legal counsel, including: lead business advisor Randall Mays (former president and CFO of Clear Channel Communications and current board member of Live Nation) and Gary Greenstein of Wilson Sonsini Goodrich & Rosati (recently named among Billboard’s “Top Music Industry Lawyers”). Read the full story here.