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Intermediaries help musicians reach fans and make money, but they also capture most of the value from their content. • Intermediaries take most of the earnings: When fans stream a song, or purchase merchandise - some of that money goes to the artist, but a lot of it goes to the record company or the streaming platform. Spotify only pays ~$4,000 for 1M plays. The same middlemen are present when we buy tickets for concerts - record companies take a portion of ticket sales • Intermediaries owns the content rights: artists give up song rights to the record label. Without the song rights, the artist can't even perform it live to fans without their label’s approval. • Intermediaries control how many fans sees the artist’s content: Spotify can change its discovery algorithms or even take down your content at any moment. NFTs offer a new business model for artists and new ways of connecting to audiences. • NFTs get rid of the middlemen in the music industry: • NFT transactions are direct transfers between the participants o Musicians can offer their NFTs directly to consumers or sell them on NFT marketplaces. o The artist gets the money, the fan receives the content in their digital wallet. Recently Grimes (EDM artist) sold $5.8 million worth of NFTs, 3LAU (DJ) sold $11.6 million of NFTs, Steve Aoki (DJ) sold $4.25 million worth of NFTs. • • NFTs are revealing the ‘super fans’ who are willing to spend more to have authentic interactions with the artist. • NFTs make it possible for super fans to make money by owning content that can appreciate in value with the artist. NFTs do not replace streaming platforms, however there are Web 3 alternatives such as Audius (artist-owned streaming service that is a blockchain alternative to Spotify). o Suppose you paid $30K to buy an NFT from an unknown artist. o If that artist became famous a year later, you can sell the same NFT at a much higher price. 6PDF Image | Primer on Non-fungible Tokens NFTs
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