Metallica named as one of several industry figures to invest in growing artist-to-fan platform
Metallica have been listed as one of several industry figures who have invested in a budding artist-to-fan platform called Medallion.
First launched in 2022, Medallion is described as “a white-label platform” where artists can create online communities that deliver experiences and products to their fans. A plethora of artists across a range of genres are already utilising the service, including the likes of Greta Van Fleet and My Morning Jacket.
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Metallica’s investment has been provided via Black Squirrel Partners – the family office of Metallica and those close to the band. It was founded in 2020 by former Morgan Stanley executive Paul Donahue, Metallica themselves, and their leadership team. It is described as being “passionate about music, technology, the world and people”.
As Billboard reports, this marks Metallica’s third notable investment in 2023 via Black Squirrel. In March, the band purchased vinyl manufacturer Furnace Record Pressing. In August, Black Squirrel was the lead investor in a $5 million funding round for Word Collections, a publishing administration firm launched by TuneCore founder, Jeff Price.
Medallion raised $13.7 million in the recent Series A funding round, which was announced just yesterday (Thursday 21 December). Other music industry investors include Bill Silva Entertainment, Guy Lawrence of electronic group Disclosure, Foundations Artist Management, Jungle, Mt. Joy, Method, Tiga and TAG Music.
So far, Medallion has enabled artists to launch their own community-driven digital environments and deliver exclusive access to music, merchandise and other experiences. Medallion-powered communities quickly became artists’ fastest-growing community channel, attracting 86 percent more members than their Facebook groups, 161 percent more than Reddit and 206 percent more than Discord, as Blabbermouth reports.
“Artists owning direct access to their fans is critical, but they also need more ways to deliver value for it to drive impact,” says Matt Jones, CEO of Medallion (and former CEO of concert discovery service Songkick).
Find out more over at Medallion.
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