As a music-loving consumer, Spotify Premium is the bee’s knees. Ten bucks a month to listen to virtually all the world’s music? Sign me up!
For recording artists, however, streaming isn’t such a great deal. Sure, it’s never been cheaper or easier to produce and distribute quality recordings from virtually anywhere. And the whole world is your potential audience (!) Just don’t expect to earn your living as a recording artist.
Very, very few acts do enough streams to make a buck these days. As the below infographic explains, each stream on Spotify nets the artist right around three one-thousandths of a penny. Put another way, you’ll need to do roughly 300,000 streams to earn $1,000. A million streams — which sounds like a ton! — is only going to drive about $3,300 in revenue back to the artist.
What’s a musician to do? Look to NFTs, for one.
Kevin Primicerio, CEO and Co-Founder of Pianity joins the pod to discuss the future of the music biz — or, one vision for it, at least. Pianity is an NFT platform focused on music. Through Pianity, artists can mint collectible NFTs of tracks for fans to buy, sell, collect, and trade.
As the company puts it, the platform lets music fans support their favorite artists by collecting their music. In exchange, fans can connect directly with artists, and get access to exclusive perks. And, of course, once you buy an NFT with a song, you own it. Just like in the good old days of CDs and cassettes. You can even sell it on Pianity’s just-launched secondary marketplace.
Can NFTs disrupt the music biz to offer more recording artists a path towards making a living through making music? Listen to the podcast, check out Pianity, and decide for yourself.
Learn More About Pianity:
ep 10: Music's Future Lies in Deeper Artist-Fan Connections ft Kevin Primicerio