Feedbands is a new music streaming service with a difference, it pays artists for every stream using a cryptocurrency.
Feedbands, a vinyl subscription service and crowd sourced independent record label, are planning to become the first ever music streaming platform to pay musicians for streams with cryptocurrency. They have teamed up with Dash DAO, a ‘Decentralised Autonomous Organisation’ that runs an open source, peer-to-peer cryptocurrency. Feedbands and Dash have joined forces in a legally binding, 5-year exclusivity agreement.
Starting next month Feedbands will allow fans to transact with artists using Dash meaning they will send and receive money in a cryptocurrency which can be transferred to a bank. Feedbands’ CEO, Graham Langdon said: “Our goal now is to focus on helping our artists earn cryptocurrency at no cost to themselves, and to do it now before it revolutionises every aspect of our economy.”
Addressing concerns that artists and fans might not want to be go through a cryptocurrency, Feedbands said: “Our artists are very excited to earn cryptocurrency and don’t know to begin and don’t have the funds necessary to simply purchase it. There are plenty of places for them to sell music for fiat [sic] and not a single place on the entire internet to sell their music for crypto. Yes, we are creating a barrier. But we are also compensating for it with a heroic PR and ad campaign.”
The information they have revealed about their cryptocurrency payments:
- Deep integration of Dash into Feedbands platform: In a crypto-industry first, we’ll integrate Dash and become the first platform (website and apps) in the world to let musicians easily earn cryptocurrency (dash exclusively) selling their music and merch online. The 3400 artists we serve currently and the new artists that sign up for Feedbands every day will be required to create dash wallets.
- Widely Publicize the Launch: To widely publicize the launch of our new crypto-music platform, we’ll enlist enterprise-level PR and we’ll make sure that publicity communicates the advantages of Dash. Goal is to reach an audience of 1 million through placements.
- Internet ads and artist signups: We’re going to run an ad campaign across Reddit, Facebook and Google letting musicians know they can easily earn cryptocurrency selling their music and merch on Feedbands. Creating a Dash wallet will be a requirement of the signup process.