Medallion: A Revolutionary Platform for Artists
By: Ava James
Dragonfly and Lightspeed Faction Invest $13.7 Million in Series A Funding
Artists now have a groundbreaking platform to call home. Medallion is a digital hub dedicated to empowering artists to promote their album releases, tour dates, and merch drops, as well as selling digital collectibles and sharing exclusive content to create deeper connections with fans. The company recently announced that it has raised $13.7 million in Series A funding, with co-leaders Dragonfly and Lightspeed Faction on board as investors.
According to Medallion’s co-founder and CEO, Matt Jones, “While streaming has opened up access to music and social media and created new channels for direct distribution, the full potential of direct artist-to-fan connections has not been realized.” Jones believes that Medallion’s artist-centric approach and emphasis on digitally native fan experiences will usher in a transformative period for artists.
Empowering Artists with Direct Ownership
Musicians are increasingly searching for direct ownership in their own communities and avoiding third-party platforms where interactions with fans are complex to manage.
Medallion is answering the call from artists by providing them with unparalleled control over their online presence and direct connections with fans. With this significant investment, Medallion plans to introduce new early access opportunities for fans, such as pre-released music listening, exclusive ticket pre-sales, and exclusive member benefits like video premieres and updates. Additionally, artists now have the option to sell one-of-a-kind digital collectibles and non-fungible tokens (NFTs), such as limited-edition posters and trading cards. These features set Medallion apart from other platforms and give artists greater independence and autonomy.
Expanding and Elevating the Fan Experience
One of Medallion’s newest features, “Digital Deluxe,” gives UK, Australian, and German artists the opportunity to sell a digital version of their album, complete with an embedded music player, downloadable audio, imagery, and video. Artists can also sell physical items through a seamless integration with Shopify.
In addition to offering innovative ways for artists to connect with fans, Medallion’s platform is entirely free to use. In exchange for its services, Medallion takes a small percentage of all sales made on the platform. The platform is built on blockchain technology, and users have the option to sign in with their email or a wallet provider, including Rainbow, Coinbase, and WalletConnect.
Customizable and Engaging for Artists and Fans
Medallion is a white-label platform, meaning artists can customize their digital space with their own color theme, background and more.
Fans can create an account and claim a unique digital collectible or membership card known as a “Medallion.” This Medallion gives them free access to the artist’s community and allows them to stay up-to-date with all the latest news and releases. For example, Greta Van Fleet’s Medallion is a spinning, 3D golden ring, personalized to their brand.
Artists can stay connected with their fans through social media posts, and fans can respond in the comments section. Some artists even use Medallion to request submissions from their community, such as concert footage and photos, to share with the rest of the community and increase fan participation.
Top Artists and Investors Support Medallion
Currently, 20 artists, including Jungle, Greta Van Fleet, Illenium, Disclosure, Tiga, Mt Joy, Tycho, My Morning Jacket, Girl in Red, and Sigur Rós, use Medallion to power their fan communities. According to Jones, “We have been partnering very closely with a small number of select artists to help test and refine our core product features over the past year.” While the platform is not yet available to all artists, Medallion continues to invest in its technology and platform to eventually scale across the industry. Medallion primarily works with independent-minded artists who have a highly engaged fanbase and are among the top 10,000 artists on streaming platforms.
The company plans to expand the platform to a few hundred more artists in 2024, with wider availability expected in 2025 or later. Outside of the music industry, Medallion is backed by top investors such as Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime, and Zeal Capital. Music industry investors, including Bill Silva Entertainment, Black Squirrel, Foundations Artist Management, Method, and TAG Music, also support Medallion. Renowned artists such as Jungle, Mt. Joy, Guy Lawrence (Disclosure), and Tiga are also investors in the company.
Medallion has raised a total of $22 million to date.
Redefining Artists as Brands
“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,” said Rob Hadick, general partner at Dragonfly.
With the support of top investors and industry leaders, it is clear that Medallion is making a significant impact on the music industry. By empowering artists with greater control and providing innovative ways to engage with fans, Medallion is changing the game for the music industry. Keep an eye out for Medallion in the coming years as it continues to revolutionize how artists and fans connect.
