The company has now raised $80M in its efforts to cut out the middleman between artists and music streamers. Unlike traditional platforms where artists receive a fraction of streaming profits, Tune.FM claims to pay artists 90%of their streaming revenue through its JAM token. This stands in contrast to industry giants like Spotify, which distributes “nearly 70%” of its music revenue to rightsholders, who then further distribute it to artists and songwriters.
Source: Web3 music streaming platform Tune.FM raises $50m in funding
House Judiciary members sent a letter to the Copyright Office requesting an examination of concerns related to performing rights organizations (PROs). In the letter, signed by the committee’s chairmen Rep. Jim Jordan and Rep. Darrell Issa as well as member Rep. Scott Fitzgerald, two particular areas of concern are addressed: the “proliferation” of new PROs and the lack of transparency about the distribution of general licensing revenue.
San Francisco-based blockchain-powered music platform Audius, which says it has 6 million monthly users, has signed a global licensing deal with music publisher Kobalt. The deal gives Kobalt-signed songwriters access to Audius’ decentralized marketplace, providing them with a potential new revenue stream, the companies said in a statement on Tuesday. Audius’ blockchain-powered marketplace offers music fans a way to engage with their favorite artists and support them via US dollar payments and its own crypto token, $AUDIO.
Music streaming service Audiomack has partnered with royalty tracking platform Mogul to enable half a million active creators to manage their Audiomack royalties alongside other revenue streams. The collaboration is designed to help independent artists track and collect the royalties they’re owed more accurately, according to a joint release,
Given the labels’ dominance of the negotiating hierarchy, song rights revenue can never top 20% of the finite streaming revenue pot. Subscriber rate hikes mean the pot gets bigger (which Spotify and the labels love), but the song share of the pot doesn’t change. Against that reality, direct licensing of mechanicals won’t fix anything. It runs contrary to all principles of copyright law.
