This week has been an interesting one for creators using platforms and new devices to get in touch with their communities. From NTFs to distributors, let’s dive into our Weekly Roundup!
#1. Troy Carter is getting into NFT
Initially, Troy Carter and his associates gathered a team to create Venice Music, a company dedicated to artists benefitting from distribution, marketing, and A&R support, plus creative, digital, and sync services.
Today, they are adding a new component to the palette of services. Fitting the current trend, they are getting into NFTs with Venice Music Collective. By integrating said collective, artists, labels, managers and other music professionals will be part of a project happening in real life, creating music together.
To be part of the Venice Music Collective, you’d have to be accepted and buy a NFT (“Venice Music Collective Genesis Pass”), to renew yearly. An interesting use case mixing technology and community.
Going a bit further, Highlight, one of the most influential Web3 startups linked to the music field has raised $11 million to help artists develop their communities directly on the platform. We’re not done hearing about NFTs!
#2. Developing the audio consumer base
Staying on new trends, it’s not only about the means of communications but also about the content itself. The fact is that the younger generation, which incidentally is also the one most active on social media generating UGC (user-generated content), is more focused on video content rather than audio. Simply put: TikTok has a lot of creators on their platform reaching strong communities.
Music streaming platforms are working to get creators to bring their communities through audio content. Spotify Live (previously Greenroom) has been announcing exclusive content by younger creators, following their strategy to gain exclusivity on mainstream personalities. Only this time, the marketing is a little bit different; focusing on niche content, specific communities and creators will be key.
Although, in the meantime, TikTok is setting up features to retain creators on the platform by allowing creators to launch subscriptions for their communities so they can share monthly new content for monthly fees. Kind of like a Patreon, for TikTok creators. Some musicians and bands already tweaked the Patreon model to launch their very own stream of content for their hardcore fans, Tiktok is now getting in the game.
#3. Spinnup is moving towards an invite-only model
The distribution platform allowing DIY artists to distribute through Universal Music Group is changing its model. After making a lot of operations during lockdown (free distribution of one or two tracks for example), they are now restricting the offer.
#4. Apple is still winning sync licensing
Interestingly, Apple has regularly launched some artists’ tracks through their ads and licensing operations. One takeaway from the Digital Music News article about it is the fact that the company managed to be there for the whole chain of actions.
For instance; Shazaming a track in an ad means getting it directly into Apple Music since Apple bought the company a while back. And then getting direct access to artists, their tracks, similar ones etc. A well functioning ecosystem helps the firm make the right business decisions.
#5. Justin Timberlake sold his song catalog
Let’s finish with the catalog deal of the week: Justin Timberlake’s song catalog is going to Hipgnosis (backed by their Blackstone private fund). It is a pretty impressive investment since the artist is one of the most influential through his own career but also as a songwriter.