The peer-to-peer streaming service Arena Music has taken the radical step of paying artists royalties in bitcoin. The initiative is a forward-thinking approach to today’s music consumer industry.
More for the artist
In a industry where consumers no longer buy music to own, Arena Music is taking a radical step in choosing to offer royalty payouts to artists in Bitcoin.
Artists simply can not sustain a career in music from the low streaming royalties Spotify, Pandora and iTunes Radio pay. If we don’t act now, there will be no more music – Damon Evans, Founder of Arena Music
To put things into context, the Jay-Z owned streaming giant Tidal currently pays artists 0.0110$ per stream whereas Arena Music’s CEO, Damon Evans, says that with the new initiative, artists will earn 0,01$ per stream with profits fairly shared between writer, producer and featured artist. Arena Music is a company based in Phoenix, Arizona and is apparently already seeing the benefits.
We’re watching our local music scene build the foundation for an entirely new way of releasing single tracks and full albums that pay each writer, producer and featured artists their shares. Now that we understand how essential this basic details is in today’s music economy, we’re starting to think that this level of transparency should accompany all royalty payment methods.
And just in case you didn’t know about Arena Music. It’s free-to-stream music without advertisements or interruptions. There’s no monthly subscription and artists are paid the highest rates in the world every time their music is streamed or downloaded. Bye bye, Spotify. There’s a new kid on the block.
— Arena Music Blog (@ArenaMusicBlog) May 3, 2017