Disruption in the Music Industry
The music industry is no stranger to being disrupted. Over a decade ago, many of us were purchasing songs for 99 cents off iTunes, and now 11 short years later, streaming is king! At the same time of this rising trend, being front-run by the likes of Spotify, Tidal and AppleMusic, we saw physical music CDs all but disappear, and vinyl makes a comeback revival.
In parallel with these changes, highly visionary blockchain music brands started staking their claim to a piece of the decentralised, music Blockchain “pie”. And Ocean Floor Music (OFM), the brainchild of co-founders Clint Arthur and Sam Cutri, plans to stand front-row with the best of them.
“We are ushering in a new way to fund music … a new value proposition for artists.The only thing that really [has] any potential [to achieve this] in the space is Web 3 – blockchain and cryptocurrencies.”
– Sam Cutri, Co-Founder
Four Web 3 Music Brands and OFM
Check out the table below to see four other established music brands in the crypto music space.
| Business Model | Market Cap (USD)
21 March 2022 |
|
| Audius (AUDIO) | Music streaming provider (Layer 3)
Built on Solana blockchain (Layer 1) |
$650.73 million USD |
| Opulous (OPUL) | Music NFT launchpad, exchange & DeFi loans (Layer 3)
Built on Algorand blockchain (Layers 1 & 2) |
$17.05 million USD |
| Viberate (VIB) | Music consumption data analytics, service provider (Layer 3) | Built on Ethereum blockchain (Layer 1) | $5.29 million USD |
| Royal (NRT) | Marketplace for music NFTs (Layer 3)
In beta phase |
Market cap not recorded yet |
| OFM (OFM)
|
A music creation, project funding and rewards platform for musicians, their fans and industry (Layer 3)
In development being built on Immutable-X blockchain (Layer 2) | Ethereum compatible (Layer 1) |
Market cap not recorded yet |
Source: Coinmarketcap
Ocean Floor Music assists artists to fund their projects and create bespoke rewards
Ocean Floor Music is a music creation, project funding, NFT marketplace and bespoke rewards platform for musicians, their fans and the industry.
“Goldman Sachs .. forecast by 2030 is a $131 billion dollar [music] industry so there’s solid growth over the next 10 years in this space. The question is, how do we help artists get a larger share of that pie?”
– Clint Arthur, Co-Founder
So how will they help artists fund their projects? Ocean Floor Music provides artists with a customisable, Web 3 fundraising platform and a bespoke rewards toolkit to help them raise the necessary funds to produce and distribute their music while making an income in the process.
Contribution rewards are offered to fans and investors who provide funds for an artist’s project. For example, musicians who want to record an album initiate a Smart Project Fund and create bespoke contribution rewards. Rewards themselves might be VIP fan experiences, a limited number of artwork NFT collectibles, or even unique music NFTs. An artist may even offer their fans or investors ownership in the copyright of the music NFTs produced, meaning they can receive a share of royalty income at a predetermined percentage of the artist’s total royalty income.
The exciting thing about a Smart Project Fund is that they can also be initiated by fans who might want to invite an artist to tour their town, thus providing funds to cover all expenses. Even producers can initiate a Smart Project Fund to produce an artist’s music and get their costs paid in the process. In the latter case, the artist gets an album produced for free!
Five easy steps to fund a project on Ocean Floor Music
Ocean Floor Music assists artists to produce and distribute their projects
Ocean Floor Music establishes an extensive list of industry partners who can help produce and release artists’ projects. Industry professionals include producers, composers, music arrangers, music managers, recording engineers, remixers and mentors.
Producing the music, funding tours, marketing campaigns, managing artists, putting on events and making the multimedia that goes with it all can be challenging. Ocean Floor Music is delighted to have onboarded a growing number of music industry professionals who are excited to participate in the Ocean Floor Music ecosystem.
Expressions of interest from music industry professionals who want to participate in the Ocean Floor Music ecosystem are being received now!
Musicians at the top of the value chain
At long last, artists are now able to leapfrog up the value chain to access a larger slice of their music revenue pie without making hefty intermediary payouts. They now will have the tools to develop their craft, do the work they love, and be paid decent money in the process.
And it’s especially thanks to visionary Web 3 music brands, like Ocean Floor Music, who are harnessing the power of blockchain technologies and cryptocurrencies to create a sustainable funding, production and distribution ecosystem that we will finally start seeing a much brighter financial future for artists.
This article was written by Sophie Amat.
