😱 Only 12% of all music revenue generated goes to artists.
Music artists do not get enough of the revenue “pie”.
This needs to change.
One avenue to build a sustainable career can be through NFTs and building communities but it’s important to note that:
→ Streaming will stay relevant.
→ Physical / Digital album sales will still be around.
→ Labels will not go anywhere
Different emotions and needs trigger different consumer behaviour:
→ Some people will prefer buying a vinyl record.
→ Some will stick to streaming.
→ Some will choose to join a community through buying an NFT.
Different formats will co-exist WITH each other.
The sweet spot is in offering different formats to different target groups.
If NFTs can play a significant role in helping the artist to fund their career then that’s great.
I also believe we can find avenues in streaming that can be more profitable for artists in the future (see Audius).
But we need to let the consumer decide how they like to consume music, not the artist.