Sona Technologies, a web3 music firm based in California, raises $6.9 million. Polychain Capital led the round, with participation from Rogue Capital and Haun Ventures.
The funds will be used by the company to expand both its operations and its clientele. Sona, which is run by CXO Jennifer Lee and CEO Laura Jaramillo, is a streaming service that coexists with others but doesn’t charge for advertising or a membership; instead, it makes money by selling SONAs.
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Fans now have an additional ravenue to help their favourite musicians, and artists may profit from a new source of income and increase their income without having a negative impact on current sales. It is envisaged for curators to be able to charge for their viewers on a per-stream basis by 2024.
About Sona Technologies
The economics of music streaming are flawed. The meagre compensation that artists receive for each stream is insufficient to compensate us for the value that their work adds. Better things are coming. Thus, they created the music streaming service of their desires.
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Sona is an artist-focused streaming platform that was co-founded by DJ/producer TOKiMONSTA. It combines free music streaming with a marketplace that fixes the faulty streaming economics, allowing artists to retain more of the value that their music creates.
