Crowdfunding in the Music Industry: An Example with imusify
Art requires money and artists often struggle to make a living from their art. With the democratization of the music business and the development of portable technologies, artists can now fund their creativity easier than ever. Thanks to social media, because of which musicians are able to build a loyal fan base. The game has changed for independent song producers too. Traditionally hooked up to record labels, independent producers can today manage their own marketing — and fund themselves. In the music industry, we say that crowdfunding is the latest biggest trend. How can blockchain help as far as raising funds is concerned? How does imusify, the award-winning music streaming blockchain platform, integrate and promote crowdfunding? Let’s explore.
Why do Artists resort to Crowdfunding?
In the last few years, artists explored crowdfunding for either launching albums or financing tours and concerts. Musicians are more enthusiastic when it comes to crowdfunding in order to escape the record label’s little share of royalties — or simply to have creative control over their marketing efforts. Guitarist Tim Millar shared how much crowdfunding was cool: “It’s exciting because it’s like a ‘fuck you’ to the music industry”.
Nurturing creative freedom, crowdfunding allows artists to raise money for supporting their high-profile projects. For example, American band Foo Fighters launched a campaign on Kickstarter to fund their shows while Amanda Palmer raised over USD 1 million for the promotion of her new album. Palmer further mentioned her enthusiasm for parting ways with her label, claiming she’s better off promoting herself.
What crowdfunding does is that it removes the middleman (i.e. record labels, publishing houses, and artist management agencies) between the artists and the fans. Musicians are not limited to the amount they raise. Crowdfunding has become hugely popular lately as a sustainable marketing strategy.
The benefits of imusify as a Crowdfunding platform for Artists
imusify platform integrates streaming and crowdfunding.
imusify is building a comprehensive platform powered by the blockchain that integrates social media, streaming, and crowdfunding. Organized in slack-like-channels similar to playlists, artists will be able to launch their crowdfunding campaigns on imusify, like Kickstarter. It’s a great way for artists to keep everything in the same place and connect to their fanbase directly.
With a focus on providing musicians and record producers with the latest technology they need, imusify will enable artists to manage their crowdfund projects. It’s the first step in offering new rooms for producers and musicians towards the most ultimate creative and financial freedom while keeping the royalties and streaming payouts optimized — another promise of what a blockchain can do for musicians.
The objective is not to replace a record label’s role to promote artists. The aim is to encourage musicians to become their own boss to keep control over the revenues they should really receive. What blockchain can offer is true support for artists as long as they participate and make efforts to reach their goals. The ultimate vision of imusify is to help musicians achieve this freedom so their careers can blossom.
Interesting. I will be reading up more on you guys!! Thanks for the info!!
Sounds good, thanks.
Excellent article, I think it will be useful for many musicians, I think this is an additional motivation for musicians. Not many distributors and music labels allow the musician to track sales of his music directly, I personally know only Proton since I work with them, I also work with Music Worx but they do not have open sales statistics and I have to request sales reports from the owners of the labels . I see how many musicians have to grasp some things when working with music labels, and this question is very important. I think this can help save time and rewards for artists.
Thank you. Yes, you are right. We want artists to be independent. @sadheaven
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I have heard about this platform several times from the stories of friends. The feedback was only positive, so I am interested in promoting my creativity. I've been following music promotion services for a long time that would help me develop my career. Some of these services have somewhat capricious contracts with which it is impossible to cooperate. So I'm pretty selective in this business. I've been producing music for a long time, but I'm still looking for collaborations. If this platform turns out to be a really interesting option, I will definitely try it out soon.
It's sad that there doesn't seem to be any way to get popular and promote your music naturally right now. Everywhere you need funding, someone's help, and so on.
Now there is huge competition. It seems to me that every day someone releases tracks, and there is a risk that no one will notice your music at all. Either you use methods such as crowdfunding, but there is also an option to use promotion by https://rocketfame.net/. This is promotion using real accounts on different platforms, everything is safe and secure, so you don’t have to worry.