A Swedish platform promises to help fund your favorite artists while making you rich and saving the music industry.
Stockholm was the unlikely front line in the fight for the future of the music industry. The city’s police raided Swedish-owned file-sharing site The Pirate Bay and seized its web servers, temporarily shutting down its global business. Across town, a young entrepreneur named Daniel Ek was about to launch Spotify.
But while Spotify was once the solution, today it is the problem. In July 2022, the UK Competition and Markets Authority reported that artists with 1 million Spotify streams a month only earned £12,000 a year after major label costs were deducted. The modern template gives artists little control over how and when their music is released—but it still demands that they do a lot of the promotional work required to stand out among the 70,000 new releases that hit Spotify every day.
“To get signed, you have to get about 1 million streams per month and be big on socials,” says Tengblad. “But by that point, why wouldn’t you see if you can make the cash by yourself? You have the community, platform, and appeal already—that’s where Corite fits in.”
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