Using Blockchain to shift the focus back on the artist

Even though the streaming industry is worth a billion dollars, few artists have been able to make a living from streaming payments. Fortunately, NFT music platforms like Atlanticus Music are working hard to disrupt the streaming industry and create a Web3 version that is more profitable for all artists.

NFTevening met with Christian Reddy, CEO of Atlanticus Music, to discuss how Atlanticus Music can shift the focus back to the artist, with a little help from blockchain technology.

What is atlanticus music?

In addition to being a marketplace for NFT music, Atlanticus Music wants to bridge the gap between the music industry, artists, and Web3. It was built by technology, music and entertainment experts who all believe in the freedom of artists. As a result, this platform is the culmination of the various opportunities available to artists in Web3.

“I have always been working on the edge of the media; trying to find new ways of doing business and new media,” says Christian. “When I hit the blockchain technology, I said, Well, there is something interesting and worth developing here. I looked at several projects, and then I met Stefan and his friends who are coming from the music industry.”

The fact that this new venture – which later evolved into Atlanticus Music – mixed new technologies with the promise of NFT and the entertainment industry intrigued Christian so much that he joined in. The rest, as they say, is history.

Disrupting the broadcast industry

From the start, Atlanticus Music recognized that the current music industry was broken – especially when it came to artist payments. Although it is a $13.4 billion industry, streaming giants like Spotify only pay artists between $0.003 and $0.005 per broadcast.

So artists must have millions of streams to make a living from streaming. The focus on the streaming industry’s weak payments has been intensified during the Covid-19 lockdowns, which have prevented artists from making money on the tour. As a result, many artists were looking for alternative sources of income. According to the Christian and the Atlanticus Music team, Web3 could be a viable and long-lasting alternative to traditional streaming.

This is because, according to Christian, “Hmm [NFTs] Put the rarity in the pieces you sell.” Moreover, the NFTs introduced a sustainable ownership system that excluded middlemen. So even if the artist sells the original NFT music at a low price initially; there is a possibility that its price will go up with each resale. In addition, artists get A percentage every time their music is resold NFT, which is revolutionary in itself.

Connect artists with true music lovers

“Collectors are always around. They want to own a piece of the artist whether it’s memorabilia or something else. In the back of their mind, they say, OK, maybe I’ll take advantage of this, but it’s not the primary motive. So it attracts fans and collectors who want to in owning a piece of artist.”

In addition to the financial benefits, Christian states that NFTs can make emerging artists heard in the saturated traditional music industry. “There is also the difficulty we have with artists because they want their voice to be heard, they want the wider audience to like them.”

“However, we [Atlanticus Music] Offer that different logic and say, let’s try to unpack what you’re doing because that has value as an artist. So it really brings the music back from the mainstream industry more into the artistic side.”

Focus on building community

Atlanticus Music’s focus is currently on electronic music artists. This is because, according to Christian, “they are more susceptible to technology and the adoption of new technology.”

In fact, some of the oldest NFTs have been dropped by electronic music artists. These include big names like Grimes and Steve Aoki. The Grimes made $5.8 million selling a collection of 10 exclusive digital artworks, some of which were accompanied by original songs. On the other hand, Aoki is a big supporter of NFTs and recently launched Aokiverse.

Focusing on collectors, Atlanticus Music offers a group of true music lovers who truly care about artists. Therefore, while these collectors are not averse to making a profit; Their love of new music is the primary value that drives them to buy NFTs. Christian insists that Atlanticus Music wisely chose this target group and its royalty structure to ensure the longevity of the platform.

“In terms of primary sales, 80% for the artist and 20% for Atlanticus Music. And we’re putting in huge secondary revenue for artists. It’s 10%. That’s because we want to make sure that artists are willing to continue sharing things with NFT holders,” Christian says.

Atlantikos Music Creates a Blockchain Fan Club

As a result, Atlanticus Music has already made some big gains in terms of the list of artists on its platform. This includes famous Chilean-German producer Ricardo Villalobos, Parisian DJ and producer Buffalo, and one of Portugal’s top DJs Miss Sheila, to name a few.

“What we are trying to build here is to create a blockchain fan club, and I think that is what we are trying to stick to,” Christian explains. Rather than focusing on quick wins, Atlanticus Music differentiates itself by “addressing the fan community of these artists we have on the platform.” In doing so, Atlanticus Music is using blockchain technology to enable artists and collectors to go back to their roots; And return “music” to “music industry”.