A Quick Guide To Your New Favorite Platform
Corite lets the artists get funding and marketing support from investors and backers when they need it and in return, share their revenues when music is streamed.
Here's a quick guide on how to get started:
1. Artist sets it up
A campaign typically includes a presentation of the artist and the music, previous success, social following, photos and a snippet of the music.
The artist sets a funding goal, which is the same as deciding a royalty advance on an estimated number of streams.
The advance will be funded by fans and repaid by revenue from streaming for one year.
2. Backers get a share
Investors and fans listen to the song and decide to back it with an amount of their choice. If the artist believes the song will stream a lot, it means the song has a higher estimated value. A higher estimated value of the song means a higher price for the backer to get a share.
Corite gets 5% of the raised capital when the campaign is funded and 5% of the future royalties. This way there is no risk for the artist.
3. All share the success
Songs are released through Corite to all major music services (Spotify, Apple, Amazon etc). Backers can follow the progress and are incentivised to promote the song. Revenues are shared with the backers as they are generated. Regardless of outcome, no revenue is shared with fans after one year. Backers can withdraw or re-invest their profits at any time. Corite handles all payouts.