ADOTAS – trueAnthem, a music label focused on the monetization of social networks, has raised $2 million in its angel round of funding. The company launched in April with a mission to tap into the online music and social networking scene with its trueWidget technology.
So far, the company said it has increased its exposure by 500% with 5,000 brand-sponsored widgets in circulation.
In other news, trueAnthem announced that Adidas would hop on board as the company’s eighth advertiser and brand sponsor of the Ultraviolet Sound trueWidget. Ultraviolet Sound, one of the most popular trueWidgets grabbed by fans, was the first artist to release a new album on a widget.
“It is no secret that the music industry is changing. Today, the artist has become the brand and free is the revenue model of the future. The key has been how to monetize this emerging dynamic. With our angel round complete and early metrics proving our business concept, trueAnthem is clearly demonstrating a viable, new music promotion and distribution model that leverages the viral nature of social networking sites,” said Brad Barnes, trueAnthem CEO. “Our trueWidgets are directly contributing to an impressive increase in fan exposure for the band and the brand – not to mention distributing albums of ‘free’ music for the fan.”
Based in San Francisco, Calif., trueAnthem is a unique, advertising supported, online music distribution, promotion and marketing company.