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.