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teleo-codex/entities/internet-finance/open-music.md

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type entity_type name domain status founded platform tracked_by created key_metrics source_archive supports reweave_edges
entity company Open Music internet-finance failed 2025 solana rio 2026-03-11
raise_target total_committed raise_outcome launch_date close_date oversubscription_ratio
$250,000 $27,533 refunded 2026-03-03 2026-03-04 0.11
inbox/archive/2026-03-03-futardio-launch-open-music.md
Open Music: Futardio ICO Launch
Open Music: Futardio ICO Launch|supports|2026-04-19

Open Music

Artist-first music streaming platform built on Solana that attempted to replace Spotify's pro-rata pool model with direct fan-to-artist payments. Raised through Futardio but failed to reach funding target and refunded backers.

Timeline

  • 2026-03-03 — Launched $250K raise on Futardio with direct payment model where subscriber payments go only to artists they listen to
  • 2026-03-04 — Raise closed at $27,533 (11% of target), status: refunding

Relationship to KB

  • futardio — fundraising platform
  • Example of futarchy-governed raise that failed to attract sufficient capital despite novel value proposition
  • Demonstrates market validation function: direct payment model did not attract enough early supporters to reach minimum viable funding