Renaissance raises $2.3M to help artists monetize their superfans

The company hopes to take a bite out of the $4B market.

The Renaissance app. Photo: supplied

Renaissance, a platform for music superfans, has revealed that it’s raised CAD $2.3M in funding across two rounds: a pre-seed investment by Panache Ventures and an extension led by Blockchain Founders’ Fund.

The startup says it will invest the capital in efforts to triple its active users and attract 1,000 artists on the platform.

Renaissance’s platform empowers artists to unlock new revenue streams by connecting them directly with their superfans. From the fan perspective, the website enables them to track their music streams, engage with other fans, and win weekly prizes.

Over the past two years, Renaissance has seen significant organic growth. The company shared that its user base has increased across mobile and web, crossing one million installs with zero marketing spend. Renaissance tracks over 150 million streams per month in real-time for its users, and has seen over 200 million participants across its listening events, called Streaming Parties.

“Our data shows superfans are spending 8.5-times the average music listener, which creates a massive opportunity for artists,” said Arpan Deol, Renaissance co-founder and CEO.

Just how big is the opportunity? Goldman Sach’s Music in the Air report predicts that direct monetization of music super fans will result in over $4 billion in incremental revenue for artists globally by 2030.

“The Renaissance team has put their deep domain expertise in music distribution to help artists reach the top one percent of their fans — otherwise known as ‘superfans,’” explained investor Patrick Lor, managing partner at Panache Ventures. “They're building a product that all artists will use one day to build stronger connections with their audiences.”

In addition to enabling fans to track streams and enter giveaways, Renaissance’s artist platform connects to mobile and web apps, allowing musicians to connect with their most-engaged fans. 

“They are obsessively focused on providing superfans of artists the best experience possible,” said Tobi Bauer, partner at Blockchain Founders Fund. “Superfans spend more time and money on their favorite artists than anyone, yet are under-served. Renaissance has created a truly interactive experience fans love and want to keep coming back to. And it shows in their incredible growth in a short time.”

According to the startup, there’s an exciting line-up of features in the pipeline. “Ultimately, this round enables us to move faster towards our goal of being the industry standard when it comes to artist-fan relationships globally,” Deol said.

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