It’s no secret that, for most artists, the music industry just doesn’t pay. In 2020, each time a listener streamed a song on Spotify, an artist received a bit more than three one-thousandths of a penny on average, according to a United Nations report.
That’s what David Greenstein, cofounder and CEO of Sound, is looking to change, and the biggest crypto investor in town is backing him. On Wednesday, Sound announced that it’s raised $20 million in a Series A round led by a16z Crypto, a branch of Andreessen Horowitz. Other participants included the rapper Snoop Dogg, songwriter Ryan Tedder, as well as Palm Tree Crew, A Capital, Sound Ventures, Collab + Currency, and Scalar Capital.
