LÜM is a social streaming and music discovery platform that allows artists to collaborate with other music creators, share content, and manage relationships with fans. In a move that is important for emerging artists, LÜM launched virtual gifting in 2020, a direct-to-artist financial support or “tipping” system. LÜM’s virtual gifting service is available without a minimum threshold of followers or video views. In the Company’s first year of operations, the platform has grown to over 100,000 artists and surpassed 32 million Notes (LÜM’s in-app currency) gifted to artists. The value of the Note is equivalent to the average royalty payout per stream on alternative music streaming platforms.
Overall, the mission of LÜM is to allow artists to monetize their skill sets and fans throughout their entire careers, whether they are just getting started or on the verge of stardom. In essence, LÜM is the “Home” for all emerging artists to connect, collaborate, grow, and make money.