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LÜM launches virtual gifting system

Madison-based LÜM, a tech startup and music streaming and discovery application, announced a virtual gifting system that will help fans support emerging artists in a stand-alone social network. A beta version of the gifting system debuts in January.

According to a LÜM release, users purchase “Notes,” LÜM’s form of in-app currency, to help support their favorite artists and allow them to grow and monetize their fan base.

Says Max Fergus, CEO of LÜM: “Every generation has seen an evolution of music consumption, and now we have the ability to give this generation of artists and fans what they truly want — a better community around music advocacy and artist profitability.”

In July, LÜM closed a $1.4 million seed financing round and launched its social music streaming app, and now the company claims 30,000 users and 50,000 music tracks. It has offices in Austin, Texas, and New York City, as well.

Last May, the company partnered with Madison-based Frank Productions, one of the country’s largest concert promoters, and together they hope to expand the virtual gifting system to live entertainment, as well, to help discover and advance the careers of emerging musicians.

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