The company said EMPIRE has formed an artist equity group from its stake in Riff, an emerging social-streaming platform that combines voice and video chat with music. Billboards. In the future, artists selected in the EMPIRE list will receive equity from using the Riff platform.
In September, EMPIRE invested in Riff along with Quality Control Music and Top Dawg Entertainment in a funding round totaling around $4 million.
Riff offers in-room interactions that allow creators to go live and interact directly with fans, including hosting listening parties and dropping albums and merchandise inside the app. The platform’s monetization model, which aims to generate new revenue streams for creators, including digital giveaways, members-only rooms, brand sponsorships, mobile concerts, and more. Paid activities and events.
Artist EMPIRE Money Man was the first artist to benefit from the label’s new stock campaign when he threw a virtual listening party for his new album, Blockchain, for thousands of fans inside the Riff room “Blockchain Lounge”.
“Music and technological innovation go hand in hand with me and are a core part of EMPIRE’s DNA, which is why we invested in Riff,” said. Ghazi, founder and CEO of EMPIRE. “We pride ourselves on generating a variety of revenue streams for our artists, and providing equity in our investments is the logical next step.”
Riff licenses music from all major and independent labels for high-fidelity playback in Riff’s virtual rooms, which can hold up to 1 million users (and up to 12 users on video). The number of streams an artist earns by playing their music in the app is equal to the number of users participating.
Riff tells Billboards The app is experiencing significant growth, doubling monthly active users every month.
Riff is led by Stanford CEO and engineer Kara Katz, CTO and computer scientist Stanford Steve Petersen and run vp Brandon “BL” Lewis. The company claims a diverse team comprised of 75% women and people of color.
https://www.billboard.com/pro/empire-riff-artist-equity-money-man/ EMPIRE Artists Get Equity in Riff Social Live Streaming Platform – Billboard