For musicians around the world, the picture has become clear. Due to the COVID-19 pandemic, the streaming services won’t support them anymore. The payment of an average musician is less than the rent one needs to pay for an apartment in New York City. A majority of the artists rake in money from streaming services.
Music concerts are gradually making a comeback. The NFT market has witnessed a recent crash. Despite that, technology continues to act as a powerful instrument for most indie artists who don’t have the same kind of resources and luxuries at their fingertips all the time. Therefore, indie artists have to prepare themselves accordingly. So `what are their survival strategies?
Indie Musicians Can Distribute Their Work
ROCKI happens to be among the first music streaming platforms of the industry that has an inbuilt NFT ecosystem. When musicians and music producers took the help of social media to boost their career, hosting concerts virtually and dropping content regularly, Spotify and Facebook began to monetize the virtual events. However, the artists soon realized the annual earnings they could rake in from these streaming services were much low.
These types of platforms aim to work with indie artists. ROCKI recently entered into a partnership with Binance Smart Chain to offer the first alternative to the music streaming communities. Since nobody knows when the pandemic will get over, the independent musicians have realized the necessity to look for options and get creative as far as creating an income opportunity is concerned.
Looking At Other Options
The digital streaming market has become saturated, and it’s almost clear that all the platforms are more or less the same. Therefore, it becomes more vital to evaluate the mission of every platform separately. Only then can we try to figure out what each of them specifically provides to the independent artists.
As per the UK’s Ivars Academy research, 80% of the musicians make less than $300 from major streaming services such as Apple Music and Spotify. Even though new digital technologies are in place in the music scene, the music industry has, unfortunately, not been up to the mark. The reins of the industry are in the hands of the people sitting at the top.
It works in favor of the big platforms and corporate houses that have the final say. They decide the artist to be signed, the musician should be promoted, and who should appear o Spotify suggestion. Therefore, independent artists get neglected. The big and popular platforms tend to overlook the authentic fandom experience. The arrival of ROCKI and other companies is serving as a life jacket for the drowning artists. The main purpose of these platforms is to make sure the indie artists survive and make a living.
Less Requirement For Intermediate Artists
When the gap between the music artists and the fans can be bridged by using technology, you don’t need different organizations to do the same thing. You can do it all by yourself, free of cost, and reach out to a global audience.
A music track on ROCKI was auctioned on the Bounce. Finance platform as a Royalty Right NFT for $24,200. The Binance Smart Chain has announced that ROCKI is on its way to building on its blockchain for the music NFTs and its Streaming-as-Mining system of payment. Post that, ROCKI and similar platforms serve as pioneers and lead by example of how platforms should operate and treat the artists.
If an indie artist needs to survive in a music industry that is harsh on them. It becomes more important for them to explore various options, choose a new platform, and check out the technologies. The latest crop of independent musicians trying to carve a niche needs to develop an authentic relationship with their fans.
If you are an independent artist, you need to create music NFT and encourage your fans to invest in your royalties on platforms like ROCKI. You can then incorporate them into your journey to be a successful indie artist. Besides that, you can also leverage the power of social media to reach a wider audience base and increase your following and promote your brand. Are you an indie band or a music enthusiast? We would love to hear your thoughts on what the future holds for indie artists.