The R&B superstar talks about why he partnered with LÜM and how it differs from the crowd.
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4 min read
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To make it in Hollywood requires an entrepreneurial tenacity similar to that of Silicon Valley. Although both cities are in California, they are worlds apart. The music industry is constantly disrupted by new technology innovated by entrepreneurs in Silicon Valley. Instead of swimming against the current, Grammy-winning R&B star Ne-Yo decided to go with a relaunched music app that pays artists.
The multi-platinum performer has announced its partnership with LÜM, a streaming and discovery application that allows aspiring musicians to expand their fan base and make money using the in-app currency feature called Virtual Gifting. It's a model where greater community participation leads to higher rewards and allows artists to use the service as a business tool.
For example, Ne-Yo's collaboration with LÜM differs from Jay-Z's approach to launching Tidal, who swam upriver by pulling the rap mogul's music from Spotify (although he later reversed course). And it was alarmed by other music and tech alerts, such as when U2 preinstalled its album on all new iPhone 6 devices.
But those were early days. Today, the transition from successful recording artist to tech tycoon has gotten a lot more sophisticated. By connecting with LÜM and its virtual gifting platform, Ne-Yo has emerged as the leader in the hottest technology trend, cryptocurrency, which is set to disrupt a financial services market that is expected to reach $ 26.5 trillion by 2022.
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"Tech has played a huge role in our lives, sometimes for the better, but sometimes too disruptive systems that would have been better off stayed intact," Ne-Yo told me in a recent interview just before LÜM launched its web and Android platforms : "Instead of complaining about the challenges we face as artists, it is important for us to find new opportunities and use the tools with which we can rewrite the rules in such a way that the arts are preserved."
Artists can upload their content to the app, where fans can discover artists and distribute music by re-sharing songs with their friends, making the app an ecosystem of digital assets that are traded and sold with their virtual currency, and artists too encourages generating income. "LÜM is one of those rare tools – it completely changes the musical landscape for artists struggling for an income," added Ne-Yo. “It lays the foundation for independent artists and fans to see what the future of music can look like after them. "
LÜM's virtual gift service is available with no minimum threshold for followers or video views. This is in contrast to platforms like TikTok, which maintain high thresholds, making this revenue channel unavailable to start-up / emerging artists. During our interview, LÜM co-founder and CEO broke in: “With the virtual gift feature, we can offer tens of thousands of independent creators a new perspective on their careers – to help them build closer relationships, network, collaborate and connect make real money. "
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Time will tell if LÜM lives up to Ne-Yo's expectations, but the move is further proof that artist and entrepreneur are two sides of the same coin.