LÜM announced the launch of a new digital music marketplace for creators – The Exchange, on Monday and have already been highlighted by top media such as Forbes, Bloomberg, Yahoo Finance & Business Insider. With COVID-19 significantly limiting artists’ ability to make money, the launch of The Exchange demonstrates the Company’s commitment to providing artists pathways to profitability from peers – as well as fans. Dubbed as the “Shopify” for musicians and ‘Home’ for independent artists, The Exchange will allow creators to buy and sell features, vocals, mixing & mastering, beats, and even music reviews.
LÜM is a social network and music discovery platform that allows artists in music to collaborate with other music creators, share content, and manage relationships with fans. The Exchange is a fully integrated pillar of the LÜM desktop platform that allows music creators the chance to not only collaborate but buy and sell music services. The development comes after LÜM became the first social music streaming platform in the US to allow for direct-to-artist financial support through virtual gifting technology. In the Company’s first year of operations, the platform has grown to over 100,000 artists and surpassed 32 million Notes (LÜM’s in-app currency) gifted to artists.The value of the Note is equivalent to the average royalty payout per stream on alternative music streaming platforms.
LÜM is 100% free to use for artists and fans. This social network and music discovery platform allows creators to activate an exchange for free and begin selling one of the available services. Coming soon will be its first premium service – Exchange Pro. Exchange Pro is a subscription-based offering ($12.99/mo.) that includes the ability to activate and sell multiple services, provides increased exposure on The Exchange homepage, unlocks lower transaction fees and allows creators to receive immediate payouts after projects are completed.
Since the Company’s inception just over a year ago on iOS, LÜM has grown quickly and recently expanded its product offerings in October to include a Web and Android supported platform and partnered with Compound Entertainment, home of multi-Grammy-award winner NE-YO. Its primary goal with The Exchange is to create a music marketplace that brings creators of all sizes together to enhance the collaboration already occurring on the platform.
“Too often artists are told that their only goals should be to gain exposure and followers. That may work for a few artists, but we are now seeing a larger number of creators start to focus more on building genuine communities of superfans and relationships with their peers,” says Max Fergus, CEO of LÜM. “The future of music needs to be built around the tools that allow artists to control their content and improve their skill set at every stage of their career. LÜM is excited to be leading that charge for independent creators and The Exchange is the next step of this evolution.”
With the launch of The Exchange, LÜM’s mission remains the same: To offer music creators the tools to build closer relationships with their fans, network and collaborate with other creators, and monetize their careers.