The digital age has been a boom for many industries and indeed for creators within those industries. Take gaming, for example.
But sadly, it’s been an unmitigated disaster for most bands and music artists.
There are multiple reasons for this and in aggregate they leave many bands in an impoverished state and their existence and creative output severely imperiled.
Clearly piracy is a primary reason – It is estimated that 95% of all music is stolen. But as major an impact as piracy has on artist’s earnings, it’s not the only major factor.
Another contributor is that when fans DO buy music, as opposed to listening to it illegally, they can buy the one song they like from an entire album or listen to unlimited albums for a fixed subscription fee – a luxury that wasn’t afforded to them prior to MP3s. This is a major impediment to bands/artists earning adequate money. Indeed, in economic terms, it may be the difference between an artist’s share of $12.00 for an album previously, Vs. $0.90 for a single now OR a much lesser amount per song/album with a $10 monthly unlimited streaming subscription.
And if the two preceding major impediments to artist revenue aren’t enough, there’s another truly major issue – Most digital services (including Apple, Spotify and our good selves) pay up to 70% of revenue to rights holders.
But in turn, it has been reported, that often the artists only receive 15%.
FENIX.CASH (in combination with QTRAX) is intent on substantially enhancing artist revenue. while giving fans precisely what they want.
So how do we give Artists MORE. In the case of FENIX by:
- Taking 30% of all FENIX.CASH tokens (as prescribed in our ARTIST MANIFESTO) and granting them (over a two-year period) to the artists, principally on the basis of usage of the FENIX platform.
- By using our FENIX.CASH app and tokens to encourage for the first time the simplified, easy purchasing of alluring merchandise, tickets & access by fans.
- By allowing our apps to be customizable in minutes to any band / musician’s brand. And by rewarding that band for use of our app by its fans thereby creating a new type of royalty.
- By using a decentralized platform, based on the QTUM blockchain, to protect artists’ music, give them transparency into where and how often their songs are being played and provide them with a superior royalty system.
In the case of QTRAX, by additionally:
- Monetizing free music in developing countries where people are unwilling or unable to pay subscriptions and piracy is rampant. We estimate that earnings to rights holders could be up to sixteen times under our business model.
- We treat the cause of greatly enhancing artist compensation very seriously. While there are initiatives from time to time to increase compensation rates, even if granted, given the very low base of compensation, they have almost negligible effect. The existing system is not going to change. Nobody who is currently deriving income from the status quo will be willing to give up a portion of that income for the sake of the artists – the very people that make the music industry possible.
So, our philosophy is to focus zealously and generously on supporting the artist from an ecosystem that we control. We don’t rely on anybody else’s generosity or decency. Rather on our own determination that the artist must do well as we build a global business.