Sound.xyz is ushering in a new era for artists across the globe. The company recently announced that it’s opening up its platform tools to all musicians, further empowering them to navigate the restrictive economic confines of traditional streaming platforms. Concurrently, Sound.xyz has successfully raised $20 million in a Series A funding round, injecting considerable resources into its mission to redefine music distribution.
A New Paradigm in Music Distribution
Launched in 2022, Sound.xyz was built on an idea that posited a different way for music fans to interact with and support their favorite artists. It aimed to challenge the status quo, where a mere 0.1% of musicians could earn a living wage from their art due to the rigid pricing model of streaming.
In stark contrast to the norm, Sound.xyz flips the script, handing over pricing control to the artists themselves. It allows them to sell their music directly to fans, receive immediate payment, and pinpoint their most prominent supporters for each track. Sound say this could represent the biggest development in the music industry since the inception of streaming.
According to Sound.xyz, this unique model has proven hugely effective. It has seen artists on the platform earning the equivalent revenue of an incredible 1.6 billion streams, a feat only achieved by fewer than 100 songs on Spotify and never on Apple Music. This showcases the potential for artists to earn a comfortable living from a core group of 1,000 dedicated fans, negating the need to chase viral hits or amass millions of streams.
Implications for Artists and Fans
By uploading songs on-chain, artists on Sound.xyz retains total creative control over its music releases and catalog’s value. This independence also extends to the relationship with their audience, removing the necessity for middlemen. Notably, artists enjoy immediate, transparent payments whenever a fan collects their song, retaining 100% of earnings and all master and publishing rights.
Simultaneously, Sound.xyz offers an enriching platform for music lovers. It encourages fans to become curators by collecting music or creating playlists. It rewards them for their active participation and role in spotlighting new music.
Utilizing the web and mobile app, fans can discover new music releases by rising independent artists, showcase their support by collecting music, and leave lasting comments on the songs they collect. Additionally, they can access group chats with artists and other collectors and even earn money through playlist curation and sharing favorite songs.
Backed by Industry Titans
There is an impressive list of renowned artists and industry insiders who have shown support for Sound.xyz. These include superstar Snoop Dogg, internationally acclaimed songwriter and producer Ryan Tedder, hip-hop producer Tay Keith, and renowned music manager Paul Rosenberg. Their involvement not only showcases the promise that Sound.xyz holds in reshaping the music industry, but it also serves as a testament to the potential of this platform in empowering artists and prioritizing their creative control.
Intending to become the go-to online destination for music discovery, Sound.xyz’s opening of tools to all artists, along with the bolstering $20 million Series A funding round, underpins its ambition. As it democratizes the music industry, it’s a platform where creators and music lovers can equally reap the rewards of their contributions, enhancing the inherent value of music.