- Musicians have had to find ways to adapt their crowd-based revenue streams to the restrictive conditions of the ongoing pandemic
- Several artists have turned to Internet-accessible events to keep the paychecks coming in, adapting their royalty models to those conditions
- To show musicians there may be a different way to profit from their royalties BAND Royalty has acquired the performance royalties of songs performed by Justin Timberlake, Timbaland, Rihanna, Beyonce, Cher, Demi Lovato and other multi -platinum performers and are developing a way to connect these royalties to collectible digital art, NFTs, that can be used in a unique DeFi product that lets NFT holders access a piece of the music royalty revenues.
- The NFTs brought in the Ethereum equivalent of over $700,000 during a presale May 5. On May 17th, 2021 Band Royalty released the first ever Music NFT only platform on their website. Available for sale are the remaining 2000 NFTs, starting at 1 ETH, directly on their website.
Among the harmful effects of the pandemic on economies worldwide is the shutdown of public performance venues such as concert stadiums where artists have the ultimate opportunity to connect with fans and influence not only sales, but some measure of cultural conception.
A study by global entertainment ticketing company Live Nation in 2018, prior to the pandemic’s outbreak, found that among respondents in the United States, Canada, Mexico, Brazil, United Kingdom, Germany, France, Scandinavia, China, Japan and Australia, 72 percent of Gen Z / Millennial audiences have driven over 100 miles to go to a live music event, two-thirds of Gen X, Y, and Z attend at least one concert or festival each year, that a majority of them go to multiple such events each year, and that 78 percent reported feeling high emotional intensity. Overall, the respondents rated their musical preferences as having a greater import on defining them as a person than their hometown, politics, race or religion (https://ibn.fm/PgD6d).
During the course of the pandemic, a number of artists have adapted by performing goodwill as well as for-profit events online in an effort to adapt to the health code restrictions imposed by governments around the globe, remain on fans’ radars and keep revenues flowing (https://ibn.fm/74885). The efforts highlight the importance of tailoring the royalty payment model to ever-changing circumstances in the industry.
BAND Royalty, a company devoted to music industry innovations wants to use NFTs and DeFi principles that increase transparency and engagement between artists and their fans. They have history in the music monetization sector recently with its non-fungible token (“NFT”) product that pairs premier works of digital art with DeFi access to revenue streams from music performed by select artists including Beyoncé, Justin Timberlake, Rihanna, will.i.am and Jay-Z.
NFTs are comparable to collectibles that fans can buy, trade or simply store and admire, whose potential monetary value may increase over time according to their rarity and persistent appeal. BAND’s model revolutionizes the DeFi sector by making the NFTs stakeable in royalty pools that effectively allow NFT holders to receive a percentage of the revenue from various artists’ works.
In a pre-sale a couple hundred BAND NFT collectibles sold for a combined cryptocurrency value of over $700,000 in Ethereum equivalence to select buyers on May 5. With the unsold NFT collectibles becoming available on Band Royalty’s first ever Music NFT marketplace, on May 17 for general public purchase on a first-come, first-served basis (https://ibn.fm/1Ajvn).
Additional series of BAND NFT collectibles and a band token launch will be rolled out later this year.
The staked NFTs are granted access to revenues from a shared percentage of the songwriter’s “writer rights,” which, when paired with the publisher’s share, comprise the primary two components of music intellectual property (“IP”) rights and royalties (https://ibn.fm/6EwXq). Under BAND’s royalty shares model, the NFT holder can choose whether to pit the value of the NFT on a temporary basis against potential royalties that might be derived from a choice of three channels — publishing of a musical selection, public and mechanical performances of the musical selection, or visual media synchronization of the selection such as its appearance in a movie, video game or advertisement.
For more information, visit the company’s website at www.BANDRoyalty.com.
NOTE TO INVESTORS: The latest news and updates relating to BAND Royalty are available in the company’s newsroom at https://ibn.fm/BAND
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