Will FinTech Save The Music Industry?

When COVID-19 took full effect in March, touring and concerts, which contribute billions of dollars to the music industry annually, were immediately canceled, leaving tens of thousands of artists financially scrambling to make ends meet. As the pandemic continues to carry on with no end in sight, artists are still bracing for impact. The loss of income from touring and the lack of a PPP program in place to support their unique needs has led artists to turn to alternative methods of financing to sustain their careers and cover basic daily expenses.

Historically, record labels have been the gatekeepers of music distribution, but over the last 10 years distribution has become more self-serve. While record labels still have the ability to create musical icons, there are over 40,000 new songs being released every day and labels can only serve a limited number of artists each year with marketing and label services. Over time, major record labels have become more like banks and offer big checks with unfavorable economics. Read more…..

Are you utilising the benefits of eCommerce to monetise your band assets? Are you ready for the digital payments world? Do you have a strategy to take your band into the world of eCommerce, AR Commerce, digital payments and the other technologies that will drive income for your band? If you answered NO to any of these questions, you should talk to the 1Tribe team. It costs nothing to talk and who knows, you might just walk away with some new ideas. Lets Talk!

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