01 — The market

The market already turned.

Global recorded music grew to $31.7 billion in 2025, an eleventh consecutive year of growth (IFPI). But the more revealing number is where the growth concentrates: expanded rights — merch, live, direct fan income — grew over 21% in the same year (MIDiA). The market is moving toward the artist transacting directly with the fan.

And the fans doing the transacting are known: superfans are roughly one in five US listeners, spend about 80% more per month than the average, and average around $1,000 a year on the artists they love (Luminate). Goldman Sachs sizes the unserved superfan opportunity in the billions per year — and rising.

Every incumbent answer to that number is extraction: premium tiers, VIP packages, platinum pricing. None of them offers fans standing, status, or a role.

$31.7B

Global recorded music in 2025 — an eleventh consecutive year of growth. (IFPI)

+21%

Growth in expanded rights — merch, live, direct fan income. (MIDiA)

~$1,000

What a superfan spends per year on the artists they love. (Luminate)

02 — The rules

The rules are moving our way.

All-in pricing is now federal law. Eight states ban speculative ticket sales. Resale reform is advancing on both sides of the Atlantic. The regulatory direction is unambiguous: transparent pricing, honest inventory, and rails that answer to the artist and the fan rather than the intermediary.

Kruna was designed on those principles before they were requirements.

03 — The gap

The gap in the market.

Multi-tenant fan platforms are proven at scale — profitable, with millions of monthly users. But the proven versions take 30–60% and keep the data.

The artist-owned inversion of that machine — where the platform equips the artist instead of owning the audience — does not exist in the West.

That is the lane. It is open. Kruna is built to hold it.