Musicians have been understandably worried about how they will be paid for their work since the onset of the streaming era. A blockchain-based company called Unchained Music helps musicians from the European Union and outside collect royalties from Spotify, Apple, Tidal, and other streaming services.
Founder and CEO of Unchained Music Matt Waters claims that the method “undercuts the entire market and allows artists to keep more of their value.” He explains that musicians are typically paid annually or for each album release or distributors receive between 10 and 20 percent of the profits. We can provide these services and free access to a number of Web3 tools since our whole financial infrastructure is decentralized.
Unchained Music releases music by artists on various platforms in order to generate profits that the artists can later access via the blockchain.
According to Waters, “The royalties come back to us from places like Spotify and Apple Music, and then on our back end, we plug them into a decentralized finance application called Ave,” which “earns a very small amount of yield,” meaning that Unchained Music keeps the interest and the artists keep the entire principal. This approach covers the entire technology stack and more.
Musicians from all around the world have already signed up for the service, which is still in a limited beta and has a waitlist. According to Waters, this is an opportunity for them to gain more fans, keep more of their revenues, and develop their craft without having to worry about money.
According to Leondre Devries of Bars & Melody, Unchained Music has helped European acts like them. “Unchained Music’s use of DEFI and Web3 immediately increases value for both established and independent artists alike. They are really aiming to take the shackles off musicians so we can be truly free to create.”
According to Waters, “Decentralized finance and blockchain more broadly allow artists more flexibility and more opportunities when monetizing their music. Artists from Europe now have the ability to reach directly to fans across the world without industry intermediaries, unless they choose to do so.”
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