In a significant stride towards transforming the dynamics of artist-fan relationships, Medallion, the avant-garde tech platform empowering artists with a direct connection to their fanbase, proudly announces the successful closure of a $13.7 million Series A funding round. The funding, co-led by Dragonfly and Lightspeed Faction, propels Medallion’s mission to redefine the landscape of fan engagement in the music industry.
Medallion distinguishes itself as a comprehensive platform providing artists with a dedicated digital space to promote album releases, tour dates, merchandise drops, and exclusive content. Co-founder and CEO Matt Jones emphasizes the platform’s artist-centric approach, aiming to bridge the existing gap in the music industry by fostering direct connections between artists and fans.
As musicians increasingly seek ownership and control within their communities, Medallion emerges as a solution to the complexities associated with third-party platforms. Acknowledging the limited nature of online interactions for fans despite numerous ways to follow and connect with artists, Medallion’s vision is to unlock the full potential of direct artist-to-fan connections.
The infusion of $13.7 million in Series A funding positions Medallion to address key challenges faced by artists, providing them with greater control over their online relationships with fans. The platform plans to introduce new early access opportunities, including listening to pre-released music, offering presale tickets, and additional member benefits such as video premieres and updates.
The funding will also facilitate the expansion of Medallion’s offerings, allowing artists to sell exclusive digital collectibles and limited-edition NFTs, further enhancing the fan experience. The platform recently introduced “Digital Deluxe,” enabling artists in the U.K., Australia, and Germany to sell digital versions of music albums with embedded players and downloadable audio, imagery, and video. Integration with Shopify enables artists to sell physical items as well.
Medallion operates on the blockchain and offers a white-label platform, empowering artists to customize their digital space. Fans, upon setting up an account, claim a unique digital collectible or membership card called a “Medallion,” granting them free access to the community. Medallion’s user authentication supports sign-ins through email or wallet providers like Rainbow, Coinbase, and WalletConnect.
With 20 artists currently utilizing Medallion for their fan communities, including renowned names like Jungle, Greta Van Fleet, Illenium, and Disclosure, the platform has demonstrated its efficacy. While the platform is presently available to a select group of independent-minded artists, plans are in place to scale across the industry. Medallion aims to expand its availability to a few hundred more artists in 2024, with broader accessibility projected for 2025 or later.
The leadership team at Medallion comprises seasoned individuals with a wealth of experience in the tech, e-commerce, and music industries, boasting backgrounds at Songkick, Instagram, YouTube, Spotify, Grailed, Warner Music Group, and Live Nation.
Investors in this funding round include Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime, and Zeal Capital, alongside music industry investors such as Bill Silva Entertainment, Black Squirrel, Foundations Artist Management, Method, and TAG Music. Notable endorsements also come from top artists Jungle, Mt. Joy, Guy Lawrence (Disclosure), and Tiga.
With a total funding of $22 million to date, Medallion stands at the forefront of reshaping the music industry by empowering artists and redefining the nature of their relationships with fans. As Rob Hadick, General Partner at Dragonfly, aptly puts it, “Artists are starting to understand they are not just content creators but brands themselves, and as a result are building multimodal businesses that go beyond simply music and content.”