Arena Music attempts to right the fallen music industry. As a loss leader streaming service pointing users to artist merchandise, it is also taking the radical step of paying royalties in bitcoin.
Also read: Cryptocurrency Music Heats Up
Hey! Ho! Let’s Go!
Phoenix, Arizona streaming service Arena Music announced it would pay royalties in bitcoin. The independent site boasts a wide variety of musical content, including do-it-yourself punk bands.
It uses the loss leader model, effectively streaming an artist’s music for free while linking fans to exclusive merchandise offers.
Pay for the shirt, basically, get the music gratis. Arena Music uses its model as a brand identifier, often in moral terms, as it evangelizes taking care of artists and customers.
… taking payment in bitcoin essentially annihilates the “black box” accounting subscription services major labels rely on …
All the advantages of bitcoin’s peer-to-peer infrastructure make it ripe to help take the sagging music industry out of financial purgatory.
Cumbersome contracts filled with legalease can be muted. Notorious label accounting tricks become transparent.
And, for the first time in the industry’s history, artist royalties might actually appreciate in value — all without a central authority’s permission.
Now that’s punk rock.
CEO and Founder Damon Evans
Images courtesy of: Icons8, Modern Luxury.
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