For aspiring musicians, there are a host of options for getting noticed these days. Whether creating your own YouTube channel or through other platforms. It used to be that you basically needed to go through a label, but the power of the internet has made it so that theoretically anyone with a bit of talent and a connection can get your name out there. Portuguese startup Tradiio has unveiled their own spin on a music-discovery platform, creating a service that allows users to obtain rewards for helping potential stars to hit it big.
The platform functions by allowing musicians to upload their music in the hopes of attracting attention from other other users. On the listener side, the service offers a chance to use virtual coins that they receive upon signing-up (or by purchasing with real money) to “invest” in artists whose work that they enjoy. Having signed-up, users are invited to select a favorite genre. From there, they have 10 slots to fill with songs that they enjoy. Like the stock market, users are able to “buy” a particular song and see the value of their virtual coins increase as it grows in popularity (or sinks, if it is not so popular). At a certain point, they can then opt to free up a slot by selling the song and putting the coins towards something else, such as another song or rewards, such as tee-shirts. Although users start out with a small amount of coins, there are opportunities to bring in more by exploring parts of the service and fulfilling four daily “missions”. Users are provided with an automatic playlist, but they also have the option of creating a temporary playlist or by favoriting songs that they make want to listen to at a later point.
The idea is that sending artists up the Tradiio charts will work to the benefit of both the artist and the listener, with the artist having an opportunity to play at festivals, shoot videos for their singles, receive time in the studio, and even get a shot at a deal with a label. The listener, for their part, could win by accessing prizes like festival tickets, vouchers for downloads, or even speakers and headphones.
Paul Benney, managing director at Tradiio, tells me that the startup is supported by $975K that they picked up from Portuguese investor Espirito Santo Ventures. The business launched in Portugal last year, but they have already expanded internationally, rolling out in the United Kingdom last week. The concept has proven popular, attracting 50K users to date.