The music industry has been around for ages, filled with endless talent and creativity. But it’s also troubled with long standing issues that make it tough for artists to get the credit, income, and independence they deserve. You’ve probably heard stories of artists struggling with record labels or earning only a fraction of what they should from their own songs.
Record labels, streaming platforms, and other intermediaries are notorious for taking a large share of the revenue. For instance, Spotify pays artists as little as $0.003 to $0.005 per stream. That means an artist would need millions of streams just to make a livable income. Major labels and platforms take significant cuts, leaving artists with only a fraction of their earnings.
Royalties are how artists get paid for their work, but the system is complex and often unfair. Musicians can wait months to see any income from their work due to delayed or inaccurate royalty payments. According to a report from Citigroup, only 12% of the revenue generated in the music industry actually makes it to the artists.
Key Takeaways
- NEWM empowers artists by using blockchain to give them control over their music, income, and creative rights.
- Fans can directly support artists by purchasing exclusive music NFTs, creating a closer, more rewarding connection.
- Through the NEWM app, Recordstore, and Studio, NEWM creates a full ecosystem where artists flourish independently and transparently.
How Blockchain is Transforming the Music Background
On blockchain, every transaction is recorded in a transparent and unchangeable way. This means that if an artist owns a song, that ownership is clearly documented and can’t be tampered with. This could help reduce disputes over who owns what. Blockchain based systems can automatically track and distribute royalties every time a song is streamed, bought, or shared. This makes sure that artists get paid fairly, and in real time, for every play.
Some artists are exploring Non Fungible Tokens (NFTs), which allow them to sell unique, limited digital items, like a special version of a song or exclusive behind the scenes content. Artists like Kings of Leon and Grimes have already experimented with NFTs to release music and art, giving fans a chance to own rare items while artists earn directly from sales. Grimes sold digital artwork as NFTs, earning over $5.8 million within 20 minutes
Project NEWM is Taking Music to the Next Level
NEWM is all about reshaping the music industry using blockchain. It’s a platform designed to help artists keep control over their work, connect directly with fans, and earn fair income for their music. On NEWM, musicians can create, share, and even tokenize their music. Fans get a chance to support artists directly, sometimes even owning a piece of the music they love. The whole idea is to cut out the middlemen, giving artists more power and fans a closer connection to the music.
ProjectNEWM allows artists to tokenize their music as NFTs. Think of it as turning a song or album into a unique digital asset that can be owned, traded, or sold. When fans buy an NFT of their favorite song, they’re supporting the artist directly. And because of the blockchain, every sale or trade of the NFT can send a royalty back to the artist, ensuring ongoing income.
Instead of going through labels or streaming platforms, artists on NEWM can connect directly with their fans. They can offer special releases, exclusive content, and unique digital items that fans can purchase. This creates a closer bond between artists and fans, with no middlemen taking a cut.
On NEWM platform, artists can explore new ways to earn, like selling limited edition tracks, exclusive performances, or even fractional ownership of a song. Fans can even own a share of a song’s success, earning a portion of the royalties, which brings a whole new level of engagement.
How Artists are Winning with NEWM’s Approach
The beauty of NEWM’s approach is that it’s all about empowering the artists. By embracing blockchain, musicians get more control, more income, and more independence. Many artists have felt pressured to sign with labels to reach an audience. But with NEWM, they don’t need a label to succeed. They can release music, connect with fans, and earn income all on their own terms.
When artists tokenize their work on NEWM, they hold the power. They know who owns their music, who’s listening, and where their royalties come from. This kind of transparency is rare in the traditional music industry. Blockchain allows artists to set up automatic royalties, so every time their song is sold, streamed, or used, they earn. This also lets them build sustainable, ongoing income without relying on constant touring or high streaming numbers.
Artists like Imogen Heap have already dabbled in blockchain to distribute music fairly, setting a trend that NEWM aims to expand upon. On blockchain, musicians have a stronger say and can finally focus on creating, knowing they’ll be compensated fairly.
Key Components of NEWM Ecosystem
The NEWM App
The NEWM app serves as the entry point for artists and fans into the NEWM platform. Artists can upload their music, connect with fans, and manage their digital assets all in one place. Fans, on the other hand, can use the app to browse, listen to music, and support their favorite artists directly. It’s a streamlined experience designed to make blockchain easy and accessible for everyone, even those who are new to it.
Recordstore (Marketplace)
Recordstore is NEWM’s digital marketplace, where artists can tokenize and sell their music as NFTs. Here, fans can buy, sell, and trade exclusive music content. When a fan purchases an NFT, they’re not just getting a song, they’re supporting the artist in a new, direct way. This marketplace makes it easy for artists to monetize their work and for fans to own unique pieces of music history.
NEWM Studio
NEWM Studio is where the magic happens behind the scenes. It’s a creative hub for artists, providing tools and support to help them create, produce, and distribute their music. From recording tracks to producing full albums, NEWM Studio is there to guide artists through every step. This studio support allows artists to stay independent and create without the limitations of traditional labels.
NEWM Token
The $NEWM token isn’t just any token. It’s the core of the entire NEWM ecosystem, fueling everything from governance decisions to the transactions in the app. There are three key utilities which are, governance, transactions & app usage, and staking & protocol incentives. $NEWM is designed to keep the community involved, engaged, and rewarded.
Holding $NEWM means you get to participate in important decisions about how the platform evolves. Whether it’s about new features, updates, or community initiatives, your tokens give you a voice in the process. Certain content and experiences on NEWM can only be accessed by holding or staking $NEWM. This creates a layer of exclusivity and reward for committed community members.
When you stake $NEWM, you unlock unique benefits within the platform. This could mean early access to new features, special content, or increased voting power. NEWM offers protocol incentives for those who contribute to the network’s stability and growth. By staking $NEWM, you’re not only helping support the platform but also earning rewards for doing so.
In a nutshell, NEWM is a new way of thinking about the music industry. By putting the power back in the hands of the artists, it’s helping to create a fairer, more transparent world where musicians can truly thrive. And for fans, it offers a chance to directly support the artists they love, even owning a piece of the music.
