The music industry is booming more now than ever. In fact, 2021 was the industry’s most lucrative yet, bringing in 18.5% to $25.9 billion in revenue in the US alone. Despite the industry’s growth, however, it is still pervaded by problems, namely archaic platforms that no longer serve artists or listeners.
Additionally, the emergence of NFTs has created a new and exciting way for artists to sell their music, however, as the space remains unregulated, it has caused further headaches for the sector. A platform that provides a solution to all of these problems island that disrupts the traditional streaming model is a long-awaited and natural evolution for the industry.
Enter Meteora, the music industry’s answer to the metaverse. The platform leverages blockchain technology to secure music rights, cryptocurrency for payments and financials, NFTs as a medium for music and related products, and AI to offer non-biased music marketing and waveform profiling.
In a nutshell, once an artist uploads their master, Meteora provides not only audio treatment and audio storage of the piece, but also generates the associated music copyright, and gives the Master back to the artist in NFT form. Here are five reasons why users should get excited about joining Meteora.
A free market
The first problem that Meteora addresses is the streaming services’ market saturation. Artists once celebrated the emergence of music technology like portable professional interfaces, plugins, and digital workstations (DAWs) that allowed them to make better music more conveniently and at a cheaper price. The dawn of the internet also rapidly accelerated artists’ accessibility to audiences across the world.
In today’s age, though, the overwhelming amount of streaming platforms—Spotify, Soundcloud, and Apple Music, to name a few—have created a very saturated market for artists. To solve this problem, Meteora’s streaming service allows NFT owner to place their music into its platform “the Streamer”, where the music will be available in the Global Streaming Catalog.
It will then be available for all Meteora streaming subscribers who can listen at any time. Artists can choose to use a per-play model by using the Jukebox. Alternatively, owners can place their Music Box into their own artist profile so streaming is only available to those subscribed to their content.
One of the main problems that the music industry faces that Meteora is excited to solve is artists’ ownership. Streaming has simplified how users search for and play music, making it more convenient than ever to find your favorite song and find out about new music, however, platforms give limiting ownership to the artists themselves. For this reason, unlike a CD one physically owned, music beloved by fans can suddenly vanish from the platform without ever being able to be retrieved.
The nostalgic era of collecting records and CDs as memorabilia is also starting to be missed. NFTs’ concept of ownership is a natural evolution of this desire. Meteora’s platform is the first music distribution system available where the owner has the ability to make copies of the album they created.
Copies born from Meteora’s Music Box, called CDs (Chain Discs), allow the owner to make regular or limited editions—some including instrumental or special tracks, signed copies, etc. Once the copies are created, the owner is free to sell them on the Meteora Market, and even send or gift some as NFTs through the blockchains’ networks.
It’s no secret that streaming services have decreased the amount of pay that artists receive from their music. Gone are the days when fans were flocking to the CD store to buy their favorite new album. Now a monthly subscription to a streaming service for the price of a “single” can give listeners access to a boundless supply of music. An artist would need 303,000 plays to make USD$1000 at its current rate of 0.0033 USD. Although Apple Music offers a higher rate at 0.01USD per play, it’s still not enough for many artists to make a living wage.
As a solution, Meteora artists aka Music Box owners keep absolutely 100% of their sales revenue. For every sale and every play, all of their money is gathered In their personal account
where they can trigger their payout any time they want with a click of a button.
When they claim their payout, users can choose how they want to get paid. Cryptocurrency is the most convenient, cheapest, and fastest way for payment to reach its destinations. Using MRA, Meteora’s native cryptocurrency (ERC20, BEP20), and using it on Lunaris.core Layer-2, users can have feeless, instant, and secure transactions.
Meteora is disrupting the traditional music streaming industry with its revolutionary technology that aims to put the artist at the center stage and give them back financial power over their art. Whether it’s through increased ownership, autonomy over sales, or a democratized approach to selling their work, Meteora provides an empowering new answer for artists. Check out its website to learn more about the exciting new project!