The Grammy Award Award, the composer and producer Wyclef Jean says the music industry is broken, so he is now involved in a start, OpenThis is looking to give power back to the artists. Through the OpenWav application, launched During the summer, artists can throw new music and exclusively, connect directly to fans, sell goods, host concerts, emerge and hear parties and much more.
Later, the start plans to provide more help to artists using AI tools.
Speaking to luck Reflection technology A conference this week, Jean, now a lead creative official at OpenWav, had harsh words about the state of the music industry, especially criticizing the Streaming business model.
‘If you are a young artist, the amount of currents you need [accumulate] To get $ 10,000 is literally a rip-off. So now you have a constant uprising, “he said.
Jean pointed to Cardi B as a recent example of the problem, saying that while people probably thought it was funny that it was on the road selling cd and vinyl album (which He did it to a tiktok that promotes Her album), what she really did showed how bad things have happened to artists.
To put things in perspective, the co -founder and CEO of Openwav Jaeson maWho spoke with Jean at the event, he said that “now in Spotify … for $ 3,000 you have to hit 1 million currents”. MA is an entrepreneur, investor and consultant who has argued Many newly established businesses, Including Musical.ly (made tiktok), triller, coinbase, grab and others, and founded multiple media companies and the NFT OP3N application.
MA explained that the broken model of the industry is why the team at Openwav manufactures a fan music platform.
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“Algorithms do not reward music,” he noted, agreeing with a Recent publication of social media by singer Lizzo, who complained of the lack of ”Summer song“This year.
MA then explained that what today’s artists need is not a million listeners in Spotify, but probably 1,000 true fans.
“If you have 1,000 true fans who give you $ 10 a month – which is a Starbucks 1,000 coffee – this is $ 120,000 a year as an independent music artist. (Technically, it is $ 100,000 a year – most likely spelling – but his spot is there, there is room for revenue.
“Spotify is not paying you, Instagram, Tiktok is not paying you, but your true fans will pay you, buy your tickets, buy your exclusive music – your music first fell to Openwav, buy your products, and if you make this kind of money – you can only be a month – you can only build a money.
Of course, Openwav is not alone in thinking of turning the “super fans” into a revenue flow for artists. Spotify itself talks about building a super fan platform for some time, telling investors the profit calls aimed at starting one New level of high quality This would serve fans who would have timely access to concert tickets, more features and other privileges. The company is negotiating with labels such as Universal and Warner Music to happen.
Openwav would not have to target great artists, such as Spotify. Instead, it would go after indie artists and others are just starting.
The idea is not completely new. Spotify tried to enter this area as well, when he offered a way for indie artists to upload their own music in 2018. But this effort will soon be closed after the company is tackled pressure from the label labels who felt that the move would reduce their sales.
MA, answering a question about what Openwav does different from other fan platforms, admitted that there were competitors on the market today, but argued that no one did what the openwav did in one place.
“When you come to OpenWav, you are able to sell tickets and earn 80% of the profit – 20% [goes to] The platform that allows you to sell tickets to your broadcasts, “he said.” Everyone who buys a ticket goes to the conversation event, such as a disagreement and you are not able to communicate and integrate and integrate and network with the people who buy your broadcast tickets, “MA continued.
Artists on the platform will also possess their audience, such as e -mail addresses and fans’ phone numbers.
The platform allows artists to use AI to design their goods, and both Jean and MA expressed excitement about technology. Jean noted that AI could help music artists create more than before, and Ma pointed out that even producer and songwriter Timbaland use the Ai Music Service Suno as a sampler to help him do more with his existing music.
At OpenWav, they plan to use AI to help artists how a manager could, pointing to things such as touring or commercial ideas, as well as providing tools to make art or lyric videos, for example.
“What we see with AI is that AI is going to be your best friend as an artist,” said MA, who said some features AI would reach the “Phase Two” of the app. In the meantime, OpenWav is available in iOS and Android devices for consumers.
