VAULT Raises $4M For Digital Music Collectible Protocol Aimed To Change How Fans Interact With Artists – AlleyWatch

The advent of the iTunes store has revolutionized the way music is consumed. Since then, the music industry has changed even more with the advent of streaming services on a subscription model. Getting lost in this shuffle of action is a big fan. One of the most compelling aspects of blockchain and his use of NFTs in the music industry is the built-in provenance options and opportunities for the artist to connect with his community of fans in novel ways. vault created a new format for music called Digital Music Collectibles (DMC). DMC is a decentralized protocol that allows music to be shared, played and purchased on third-party apps and his website. Artists can seamlessly create exclusive, exclusive opportunities for their most loyal fans that fans can buy, rent, or resell, keeping 80-90% of the revenue. Limited singles retail for $4.99 and album drops are $14.99 and come packaged with exclusive personalized content such as videos, photos and messages. The company’s first major revitalization coincided with the artist’s tour with her FLETCHER this fall. VAULT facilitated the distribution of over 3000 of her DMCs to fans on tour.

alley watch VAULT CEO, Co-Founder and Repeat Entrepreneur Catch Up Nigel Eccles (FanDuel co-founder) wants to learn more about the business, the company’s strategic plans, the latest funding round, and more…

Who are your investors and how much did you raise?

The $4 million Series A round was led by Placeholder VCa major crypto investor and additional participation from existing investors AllyCorp, Bullpen Capitaland Everblue ManagementThe recent funding brings the company’s total funding to $13 million.

What products or services does VAULT offer?

VAULT is the creator of the mobile-friendly Digital Music Collectible (DMC) music format and the VAULT protocol, an open and fully decentralized network for buying, playing and sharing music on third-party apps and websites. is. DMC is designed as a digital version of a box set that offers a rich media experience exclusively for music fans that can be purchased, unlocked and played on mobile phones. Similar to the physical box set, fans can buy, rent and resell her DMC at any time.

What inspired you to start Vault?

Music-related answers: If you look at the history of music, it’s really the history of formats. Most recently, the move to streaming has revived the entire music industry, but at the expense of its adoring fans. In fact, revenues from recorded music have fallen by 45% over the past 20 years, wiping out $10 billion in value from the top tenth of music fans.

I think the move to streaming has not only taken away the exclusivity and joy of ownership and collectibility that comes with building your own music library, but it’s also taken a deeper connection with your artists.
That’s why we designed the DMC format to allow super fans to unlock exclusive releases from their favorite artists and rebuild their rare music library.
NFT-Related Responses: When I first encountered NFTs, I was impressed by their promise but underwhelmed by their execution. We felt there was an opportunity to reconfigure the power of NFTs into a true format that is very easy for fans to use and creates new revenue streams and opportunities for musicians and labels to attract top his fans.

HOW IS VAULT DIFFERENT?

VAULT is building a new music format. We believe that for it to be successful it must be a) very easy to use and b) transferable. To that end, VAULT is the only platform with its own rich media player for music, photos and videos, and the only one with a fully open and decentralized protocol to support the growth and adoption of this new format. It’s a company.
Currently, the digital music and content ownership model is failing. This is because we do not allow owned content to move with the user across platforms. So what makes VAULT stand out is its open protocol, allowing music fans to play her DMC on any of her websites, applications, or music players supported by her VAULT protocol.

What is VAULT’s target market and size?

From 2001 to 2021, the North American recorded music industry fell from $22 billion to $12 billion, a loss of $10 billion. Moreover, most of that decline is due to lower spending by top 10 fans. The VAULT format is a way to regain lost markets.

what is your business model?

The VAULT platform accounts for a percentage of all DMCs sold.

How are you preparing for a potential economic slowdown?

We focus on mainstream music fans as our audience. In short, DMC is priced consumer-friendly, from $4.99 for deluxe singles to $14.99 and above for deluxe album drops. At these price points, we don’t think they would be considered a luxury expense if the economy slows.

What was the fundraising process like?

Since I started my first company in 2007, I’ve seen fundraising in good and bad markets. Right now, I think the market is fine, like a 5 out of 10. Fundraising is always very slow, regardless of the climate. It can feel like a full-time job in itself. But getting the right investors who understand your vision and will support you 100% through the ups and downs of startup life is worth the investment.

What was the biggest challenge you faced in raising capital?

Adoption is important because we are basically creating a new music category. Investors understood our argument for the non-monetization of music super his fans, but needed to prove that fans and artists would embrace his DMC format.Recent Rejuvenation with Fletcher During Her US Transit girl of my dreams The tour was key evidence. Her fans have purchased over 3,000 of her DMCs for her Fall 2022 tour dates alone. Moreover, following that, the pipeline of signed artists launching in the first half of 2023 is very strong.

What factors in your business are driving investors to write you checks?

Given my background as a co-founder of FanDuel and my co-founders, investors are confident that we have the consumer expertise to create and scale new music formats. I was. They see our protocol-agnostic approach as a game-changer, not just for the music industry, but for the broader media industry.

What milestones do you plan to achieve in the next six months?

In the short term, the goal is to roll out the DMC format globally to major label and independent music releases. We also expect his VAULT protocol to be adopted and implemented in major platforms within the music business ecosystem, such as DSPs and digital distribution services.

What advice can you give to a New York company that doesn’t have a new injectable? bank capital?

The first rule of startup don’t run out of money Focus only on what drives growth and spread so that you can live to the next day.

The first rule of startup don’t run out of money Focus only on what drives growth and spread so that you can live to the next day.

Where do you see the company going now in the near future?

If you love music, hopefully some DMCs will be in your hands soon. By offering a new format of unlockable rich media, we look forward to helping artists push the boundaries of what they can offer fans with box sets and deluxe albums.

What are your favorite winter destinations in and around the city?

I love skiing in the Hudson Valley and Hunter. So, in November, I adopted a beautiful Samoyed puppy named Skye. she loves winter We all went to Hunter last weekend while my family skied and Skye and I hiked Hunter. It was a tough climb, but it was beautiful.

---

You’re just seconds away from signing up for Tech’s hottest list.

sign up today

---