New service connects bands and brands
fanatic.fm is a music sponsorship platform where brands and bands can find each other in a new way. Instead of paying for advertising spots on music destination sites, brands set up a pool of funds for a branding campaign and “invite” musicians that they feel best portray their brand values and image. Then it’s up to the invited musicians to accept or refuse the invitation (yep, you’re right! It works just like a friendship request on Facebook). A band and brand relationship is formed only when mutual consent is reached. Pretty cool! Don’t you think?
But, what’s in it for the artists?
The branding fund is allocated among the invited musicians based on the number of plays. Both parts have the incentive to engage their social media network to drive traffic to the newly formed relationship, creating a win-win scenario for both the band and the brand. Musicians take 70% of the total sponsorship revenue and fanatic.fm takes 30%. And then musicians and fanatic.fm donate 2.5% each to charities that musicians select to help them change the world.
Yesterday Samsung started its first campaign on fanatic.fm, sponsoring Sydney Wayser’s album. This however doesn’t close the opportunity of other musicians to upload their songs and suggest sponsorship to Samsung as well.
Ian Kwon, co-founder of fanatic.fm, comments on the service, “More and more brands are playing the role of content curators and music is great content to express a brand identity. We wanted to create a platform for those needs. The platform also provides a good way for bands to monetize their music streaming.”
