Base For Music (BFM) has announced a $1.73 million funding raise.
The platform:
BFM uses data generated from fan engagement to measure the success of advertising campaigns.
The data it collects includes streaming evolution, interests, favorite artists and demographics.
It then cross references that data with advertising campaigns to measure their ROI.
As per Digital Music News, BFM has the ability to analyze the impact of its tools on Spotify’s algorithm and thus influence an artist’s amplification.
It has been used by independent artists and labels in France such as Cerrone (Because Music), Dabeull (Roche Musique) and distributors such as IDOL.
The investment
European music tech investment fund LeanSquare, Spotify’s European Director of Sales Tristan Toulemonde, and Teads co-founder Gilles Moncabeig are among those who invested €1.5 million ($1.73 million) in the company.
As per Digital Music News, the funds will enable BFM to enter new markets, accelerate its commercial expansion and “equip more industry players with a fan-centered marketing approach.”
What they said:
BFM CEO Maxence Bazin: “Digital marketing is essential in today’s market landscape, but it remains a black box in terms of ROI. With our data-driven technology, we’re moving it into a new era, allowing industry professionals to steer their growth through the fan-artist relationship.”
