Sound.xyz is revolutionizing the music industry by providing a platform that empowers artists worldwide. Recently, the company made an exciting announcement, opening up its platform tools to all musicians, giving them the ability to navigate the restrictive economic landscape of traditional streaming platforms. In a remarkable achievement, Sound.xyz also secured $20 million in a Series A funding round, injecting substantial resources into its mission to redefine music distribution.
Launched in 2022, Sound.xyz was founded on the idea of offering music fans a different and more supportive way to engage with their favorite artists. The platform aimed to challenge the existing status quo, where only 0.1% of musicians could earn a livable income from their art due to the inflexible pricing models of streaming services.
It’s time.— sound.xyz (🎧,🎧) (@soundxyz_) July 12, 2023
We’re now open to all artists!
Sound was built to create a new model for music and help artists make a living.
Today it’s open to all, and we’ve raised a $20m Series A to turn this into a reality.
Artists, here’s how to get started 👇 pic.twitter.com/5n1mn5UyhN
Sound.xyz breaks away from this norm by placing pricing control in the hands of the artists themselves. They can directly sell their music to fans, receive immediate payment, and identify their most ardent supporters for each track. According to Sound.xyz, this groundbreaking approach represents the most significant development in the music industry since the advent of streaming.
This unique model has proven to be highly effective. Artists on the Sound.xyz platform have earned the equivalent revenue of a staggering 1.6 billion streams, a feat accomplished by fewer than 100 songs on Spotify and never on Apple Music. This highlights the potential for artists to make a comfortable living from a dedicated group of 1,000 fans, eliminating the need to chase viral hits or accumulate millions of streams.
By uploading songs on-chain, artists on Sound.xyz retain complete creative control over their music releases and the value of their catalog. This independence extends to their relationship with their audience, eliminating the need for intermediaries. Notably, artists enjoy immediate and transparent payments whenever a fan collects their song, retaining 100% of their earnings as well as all master and publishing rights.
Simultaneously, Sound.xyz offers a rich platform for music enthusiasts. It encourages fans to become curators by collecting music and creating playlists. The platform rewards active participation and the promotion of new music. Through the web and mobile app, fans can explore new releases from independent artists, showcase their support by collecting music, and leave lasting comments on the songs they collect. They can also engage in group chats with artists and other collectors, and even earn money through playlist curation and sharing their favorite songs.
Sound.xyz is ushering in a new era for artists and fans alike, transforming the way music is distributed, consumed, and supported. With its innovative approach, the platform provides a more equitable and empowering landscape for musicians while offering a rewarding experience for passionate music enthusiasts.