TuneCore Artists Close in on Milestone of One Billion Dollars in Revenue

TuneCore today announced that its artists are approaching the groundbreaking milestone of earning $1 billion in revenue solely from downloads and streams.

“TuneCore is incredibly proud of our artists for reaching such an impactful industry milestone while keeping 100 percent of their earnings through streaming and downloads,” says Scott Ackerman, CEO at TuneCore. “We are deeply committed to helping our artists maximize their revenue, which is why we are so excited to celebrate as they approach this historic achievement. We encourage artists around the world to join the Billion Dollar Club and help reach $1 billion in artist earnings ahead of our projected date.”

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Arena Music, the First Artist Friendly Streaming Platform, Now Pays Royalties in Bitcoin

Arena Music has announced that it will begin offering royalty payouts for music streamed through the Arena platform in Bitcoin worldwide starting in June. The company has been testing the digital currency in Phoenix and Atlanta over the last 6 months. In March, Bitcoin reached parity with gold for the first time since its inception. It’s been deemed the “most exciting monetary experiment in modern times.”

The company is an on-demand merchandising storefront that leverages a free streaming service to help artists monetize their content in an industry where consumers no longer buy music to own. By using the music as a loss leader, Arena helps artists and labels redirect consumer attention to exclusive merchandise offerings.

Offering payouts in the popular cryptocurrency highlights the company’s forward-thinking approach and alliance with independent content creators by offering them compensation with another form of capital or investment–one that can never be offered by any subscription-based streaming platform.

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Nurturing the Creation of Music through the Blockchain

According to a recent report from the Financial Times, music streaming is set to overtake CD and vinyl as the largest generator of income for British record labels in 2017. The report states that as more people opt for subscriptions to streaming services such as Spotify and Apple Music, revenues in the sector were pushed to a five-year high last year. Total income generated by the U.K. music industry increased by 5 percent to £925 million ($11.6 million) in 2016, from £881 million ($11.1 million).

Yet despite the popularity of the music industry, musicians often find themselves unfairly compensated.

To rectify this problem, the Open Music Initiative (OMI) and Ujo Music, among others, are attempting to change outdated modes in the music industry to ensure long-term sustainability, with the intent to use blockchain technology to support the creation of music.

Read Article: Bitcoin Magazine

Spotify, Merlin Ink Global License Agreement for the World’s Leading Independent Record Labels

Spotify and Merlin, the global digital rights agency for the independent label sector, today announced a new multi-year license agreement – ensuring the world’s leading independent record labels and their artists will remain at the core of Spotify’s offering to music fans.

Continuing a successful nine-year partnership, the agreement is structured to reflect and promote the value of Merlin’s collective offering of its members’ repertoire, while offering improved marketing and advertising opportunities and enhanced access to data.

Merlin member labels can also participate in Spotify’s recently announced flexible release policy.

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The Future of Smart Contracts in the Music Industry

What if we could replace antiquated physical contracts execution to fit with the new digital music age and real-time commerce? Well, today we can, and the technology is known as smart contracts. Just as the blockchain has emerged to claim its place as the up and coming financial instrument of the future, smart contracts have become an equally hot topic.

Electronic contracts, or smart contracts, between labels, distributors, and artists, can reshape the industry to ensure transaction and payment efficiency as well as increased transparency. Smart contracts are primarily a computer program whereby all parties can agree to the contract electronically, and it can also be enforced electronically.

This can be achieved through the introduction of blockchain technology. In the case of an executed smart contract, the blockchain would keep track of the ownership rights ensuring that the proper parties are paid in accordance with their smart contact. The more sophisticated the code, the more automated, self-executing, and “smarter” the contract.

Read Article: DataArt

Audiotube Delivers ‘Fairtrade’ Digital Music Distribution

In the context of the fast developing self distributed Artists market, Scott de Mercado (Audiotube Founder and CEO) has sought to address the growing demand for more transparent Artist centric digital services.

In 2015 Audiotube joined forces with Media tech executive and investor Xen Lategan, product developer and serial entrepreneur, Ted Nash and London based digital product design agency – Made by Fire. Together they set out to architect and develop a new Cloud-based Platform that delivers affordable, accountable, efficient and transparent solutions for digital distribution, marketing and monetisation for the music industry.

Following support from Google Cloud for Startups program and the European Commission, Audiotube has spent the past 2 years in R&D mode working closely with Artists, Managers and Record Labels, further developing the platform which is now being released Globally focusing on both mainstream and emerging markets.

Audiotube has its roots firmly planted in the Independent sector and has always championed the Independent Artist.

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