Grammy Award-winning musician, composer and producer Wyclef Jean says the music industry is broken, which is why he is now involved with a startup company OpenWavthis is to return the power to the artist. Through the OpenWav application, emission Throughout the summer, artists can give up new and exclusive music, connect directly with fans, sell merchandise, host concerts, pop-ups, and listen to parties, and more.
Later, the startup plans to use AI tools to help artists more.
Talk about wealth Brainstorming technology This week’s meeting, now OpenWAV’s chief creative officer Jean is mean to the music industry and is particularly critical of the business model of streaming services.
“If you are a new artist, then the number of streams you have to [accumulate] To get $10,000 is actually theft. So now you have a constant uprising,” he said.
Jean She did it in the tiktok promotion Her album), what she is really doing is showing the bad things about the artist.
To see through the events, OpenWAV co-founder and CEO Jaeson MAHe was on par with Jean in the game, saying: “Now on Spotify…$3,000, you have to hit a million streams.” MA is a supportive media industry entrepreneur, investor and consultant Many startups, Including Musical.ly (becoming Tiktok), Triller, Coinbase, Grab and others, and co-founded multiple media companies and NFT application OP3N.
The broken model of the industry is why OpenWAV’s team is building a direct access to Fan Music platform, MA explained.
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“Algorithms are not rewarding music,” he noted. Recent social media posts From singer Lizzo, he complained about the lack of “Summer song“This year.
Mama said that today’s artists need on Spotify is not a million listeners, but 1,000 real fans.
“If you have 1,000 real fans giving you $10 a month (i.e. Starbucks coffee times 1,000), that’s $120,000 a year for independent music artists. Think about it.” (Technically, that’s $100,000 a year – he might have misspelled – but his point is; there’s room to profit from a direct face-to-face experience.)
“Spotify doesn’t pay you. Instagram, Tiktok doesn’t pay you. But your real fans will pay you. They will buy your tickets. They will buy your exclusive music – your music drops on OpenWav first. They will buy your merchandise. If you are buying this type of money – only $10 a month – you can actually build a sustainable career,” MA said.
Of course, OpenWav is not alone in thinking about turning “super fans” into an artist’s revenue stream. Spotify itself has been talking about building a super fan platform for some time and told investors its revenue call aimed at launching a New advanced layer This will cater to fans who will get early access to concert tickets, more features and other privileges. The company has been negotiating with labels like Universal and Warner Music to achieve this.
But, like Spotify, OpenWAV is not necessarily a target for major artists. Instead, it will follow independent artists and other artists who are just starting out.
This concept is not completely new. When Spotify provides a method, it also tries to enter this space Independent artists upload their own music Back in 2018. But that effort It was closed soon After the company faces it The pressure of tag partners Who thinks this move will reduce their sales.
Massachusetts, answering a question that makes OpenWAV different from other fan platforms, he acknowledges that there are competitors in the market today, but thinks no one is doing everything OpenWAV does in one place.
“When you go into OpenWav, you can sell tickets and make 80% profit – 20% [goes to] “This platform enables you to sell tickets for the show. Everyone who buys the tickets will have an event chat like a discord, and you can literally communicate, integrate and communicate with the people who buy tickets for the show, integrate and connect,” he continued. Then you can actually chat with the same community with zero upstream costs in the same community, no sales of inventions, no sales of inventions, global drops. ”
Artists on the platform will also have their audiences, such as fans’ email addresses and phone numbers.
The platform allows artists to design their goods using AI, and both Jean and Ma expressed enthusiasm for the technology. Jean pointed out that AI can help music artists create more than before, and Jack Ma noted that even record producer and songwriter Timbaland has been using AI music service Suno (such as Sampler) to help him play more role in his existing music.
In OpenWAV, they plan to use AI to help artists by suggesting content such as travel locations or merchandise ideas, and providing tools to make album art or lyrical videos.
“What we see in AI is that AI will be your best friend as an artist,” said MA, who said that AI capabilities will reach the “second phase” of the app. Meanwhile, OpenWAV can ios and Android Consumer’s equipment.
