Sona, a groundbreaking web3 streaming protocol, is transforming the music industry with its unique rewards model, ad-free streaming, and decentralized finance features. Today, Sona emerged from stealth mode, announcing the open beta launch of its flagship product, Sona Stream. This free music streaming service not only provides a seamless listening experience with no subscriptions or ads, but also introduces a marketplace where artists can share their music and auction off “digital twins” of their songs called SONAs.
Key Takeaway
Sona combines a free music streaming service with a unique marketplace where artists can auction off “digital twins” of their songs called SONAs. The owner of a SONA receives 70% of the streaming payout rewards, incentivizing both artists and collectors to participate in the Sona ecosystem.
The company also revealed that it has secured $6.9 million in seed funding from notable investors including Polychain Capital, Haun Ventures, and Rogue Capital. This investment will be used to develop new features and expand the Sona team with talented engineers.
Sona Stream and SONA Auctions
With Sona Stream, artists have the opportunity to auction their SONAs, unique digital assets representing their songs, to collectors for a 24-hour period. The artists set a minimum price and sell to the highest bidder, ensuring instant liquidity. What sets Sona apart is that the owner of a SONA receives 70% of the streaming payout rewards based on the total streams on the platform, while artists receive 30% and the company takes a 7% fee.
Sona’s rewards pool is funded by a percentage of SONA sales, making each purchase a means of supporting all artists on Sona Stream. Additionally, Sona plans to expand its marketplace to include other transactions such as tipping, merchandise sales, ticket purchases, stem downloads, and fixed-price audio downloads for DJs.
Encouraging Fan Investment
The concept of SONAs, and music NFTs in general, is to encourage fans to invest in their favorite artists and promote their work. When a SONA owner shares a song on social media, their followers are directed to Sona Stream, helping the streaming service grow its user base while generating revenue. Unlike other music NFTs, SONAs are distinct from royalties earned on other streaming platforms, ensuring that artists receive rewards solely from the Sona ecosystem.
Collectors who wish to buy a SONA must reside in the U.S. and be at least 18 years old. They are also permitted to sell and trade SONAs on both the Sona platform and other third-party marketplaces.
Sona’s Impressive Music Library and Vision
Sona’s streaming service currently hosts over five million tracks from a range of talented artists, including Rochelle Jordan, CRi, Adam Oh, Cakes da Killa, and Gavin Turek, among others. The platform aims to expand its catalog to 16 million songs by next year, ensuring a diverse and expansive music library for its users.
Sona’s co-founders, Laura Jaramillo and Jennifer Lee, are passionate about empowering artists and revolutionizing the music industry. Jaramillo, a long-time NFT product designer, created Sona to provide her mother and other independent artists with a sustainable platform to earn a living from their music. As a renowned producer and DJ known as TOKiMONSTA, Lee brings firsthand experience and a deep understanding of the needs of creators.
By bridging the gap between artists and fans, Sona aims to make music more accessible, profitable, and rewarding for all parties involved. The company’s innovative approach and commitment to artist-fan relationships set it apart in the evolving landscape of music streaming platforms.
