From the iTunes iMix in 2004 to modern-day establishments like Spotify’s Rap Caviar, both user and service-generated playlists have been crucial throughout music history not only for facilitating the discovery process, but also for driving sales and chart performance — which have relied increasingly on streaming since the format was first incorporated into Billboard charts in late 2014. As Chris Molanphy recently told The New York Times, streaming used to be “just the olive” in the multi-part cocktail of chart rankings, which also include radio play and singles sales. “Now it’s not the olive,” Molanphy quipped, “it’s the drink.”
In response to this paradigm shift in music consumption, many labels have tried increasing their commercial leverage by releasing streaming-only compilation albums — most notably Epic Records, whose compilation Epic AF has landed four times in the Top 10 of the Billboard 200 so far. Yet, there still isn’t a clear mechanism for monetizing user-generated playlists, nor for compensating their creators.
A growing number of startups are experimenting with new ways of monetizing music curation. For instance, Amsterdam-based startup kollekt.fm recently launched a program called Atmosphere that pays artists and tastemakers to curate playlists for brands. Heard Well, a label co-founded in 2015 by YouTube celeb Connor Franta that “signs” digital influencers to curate and sell compilation albums of their favorite music.
RECORD Foundation, however, is suggesting a different approach to the matter. We directly reward the users’ curations within the RecordFarm ecosystem. The curations do not have to take a form of service — as in Atmosphere or Heard Well. Ordinary activities of non-professional users in RecordFarm — voting, sharing, listening, and creating a playlist — monetize according to the built-in algorithm. All the curations are rewarded in RECORD tokens which are available to exchange in any desired currency.
So to speak, RecordFarm allows all users to earn their rewards as they engage in regular music activities. This simple but innovative approach of RECORD Foundation will bring about amazing changes.
Source: Forbes https://www.forbes.com/sites/cheriehu/2017/05/08/inside-the-ongoing-quest-to-get-music-curators-paid/#4f61109914a6
RECORD Foundation runs the first reward-based music service platform, RecordFarm. A solution to the traditional music industry, it creates the healthy environment where creative works are valued, curations from users are rewarded, and transparency is ensured. The new ecosystem, driven by blockchain technology and RECORD token, simplifies the process and eliminates unnecessary intermediaries.
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