Carl Cox ‘Intermundium’ DJ Set to Light Up Sensorium Galaxy

Welcome to Web3 Music, your weekly newsletter to the captivating world of music in the realm of Web3!

Here you can read about music news in web3, musicians spotlights & their latest music NFT drops, opportunities for musicians, upcoming music spaces on X (formerly Twitter), curated content and more!

Join me on this captivating journey as we dive deep into the intersection of music and tech!

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^News

Carl Cox ‘Intermundium’ DJ Set to Light Up Sensorium Galaxy

Carl Cox presents 'Intermundium,' an immersive experience where his virtual persona takes center stage in Sensorium Galaxy. Don't miss the opportunity to witness this groundbreaking performance on October 27. At 7 pm (GMT), Carl Cox, the renowned DJ, will showcase his 30-minute 'Intermundium' set as an avatar within the Sensorium Galaxy metaverse. The event is open to everyone at no cost, accessible through various platforms, including 2D streams and immersive VR. This approach promotes inclusivity, ensuring a broad and diverse audience can engage with the experience.

Source

Label Foundation Partners with LG Electronics for 'Tracks' Music Streaming Service

The Label Foundation has recently revealed a partnership with the global electronics giant, LG Electronics, to introduce 'Tracks,' an innovative Web3 music streaming platform. This platform will soon be accessible on the latest version of LG Smart TVs. Positioned as a leading Life Background Music platform, 'Tracks' provides users with complimentary access to curated music playlists and visuals. Moreover, users can earn various rewards based on their listening duration, making the service particularly attractive.

Source

Coop Introduces On Chain Curator

Easily showcase the on-chain music you love and highlight the artists who have made an impact in your life. On-chain curator’s focus is connecting individuals, and they firmly believe that emphasizing the social experience is the most effective approach. Recently they also partnered up with Spinamp to add support for the biggest music marketplaces.

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NFT Record Shop Announces October Community Sample Swap

Collaborate by sharing your own unique samples with fellow creators. Participants can swap Halloween-themed audio and use them to create their own spooky songs and beats.

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TK Announces Garden X, the Evolution of Eternal Garden

GARDEN X is a creative venture studio with a core focus on developing Eternal Garden properties and bringing them to market; a library of intellectual property (IP), integrating music, immersive storytelling, captivating visuals, and a thriving community. Garden X is the first RPG that musicians can play. To participate, they release curated projects under the umbrella of Garden X, thus becoming main characters in the story of Eternal Garden and contributing to the development of the storyline.

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_{Opportunities}

Star Symphony is looking for more musicians for their competitive rhythm game.

Star Symphony is a music gaming ecosystem that bridges Musicians & Gamers through Symphonia (their universe). The very first product to be deployed is their Rhythm Battler or you may call it, a competitive rhythm game. Musicians get paid each time a player purchases their song to play it!

Apply here.

Trax launched its referral system!

Refer friends and artists to the TRAX platform and earn 5% of earnings from anyone you bring into the TRAX ecosystem.

Are you a DJ in the Metaverse and & looking to establish your brand and grow your fanbase?

You can book events within EntertainM’s hyper-realistic venues to perform in front of 100+ people! Just open a ticket in their Discord or contact me.

_{Curated Content}

Marketing Your Music

_{From Secret Sessions Newsletter by Harriet JW}

“What if I told you that “music marketing” was just sharing your story?

And I don’t mean you have to be a great storyteller in front of the camera or anything.

I mean actually showing your fans parts of your life as you’re pursuing your goals — recording, writing, behind the scenes stuff, shows, all of it.

Think about it this way:

You don’t have to switch between your music hat and go put on your sleazy, horrible, gross marketing hat and try to go make money.

In fact most of the successful artists I know do it by DOUBLING DOWN on their authentic selves.

If you want to know what that might look like for you, then I want to invite you to a 15min “strategy session” with me.

We’ll sit down over Zoom. I’ll have some questions. Then based on that, we’ll figure out a game plan for you to build & monetize a fan base.

Free, no strings attached.

You can book some time with me here:https://calendly.com/harrietjw/intro”

The Disconnect Between Music Tech and Paying Customers

_{From The Index by Joan Westenberg - a newsletter that helps emerging tech founders and leaders communicate with humans.}

“We’ve seen an explosion in music technology over the past two decades.

Production and distribution, once controlled by big studios and labels, are now “democratized,” spawning endless startups aiming to empower musicians by unbundling middleman services.

Music tech today includes everything from smart instruments like intelligent keyboards, auto-tuning apps, AI composition tools, streaming distribution platforms, social media marketing tools, and more. Some aim to enhance creativity, while others promise to maximize exposure and revenue. But most of them monetize through the same core userbase - the creators themselves.

The democratization of the industry has been a mixed blessing. Lower barriers to entry fueled a surge of aspiring artists following their dreams. But the overabundance of musicians creates a hyper-saturated market. It is now harder than ever to build an audience and income as an independent artist.

The never-ending stream of new music software and tech puts financial pressure on artists. Musicians often feel compelled to adopt every new tool to keep up with the competition. But all of this adds up, nickel and diming struggling artists who are already stretched thin financially.

The Broke Musician’s Reality

This constant technology arms race creates a paradox for aspiring musicians.

To succeed in their art, they have to invest in instruments, software, promotion, and craft. But spending money on music cuts into income from other jobs.

And - perhaps most crucially - streaming as the primary source of music revenue is leaving artists with next to nothing.

The industry itself is making money. There are no unfed mouths at the tech giants. According to the International Federation of the Phonographic Industry’s Global Music Report for 2023, we’re seeing continued music industry growth driven by streaming. Total global music revenues rose 9% in 2022 to $26.2 billion. Streaming remains the dominant format, accounting for 67% of global music sales. Revenues from paid streaming subscriptions grew 10.3% to $12.7 billion, while overall streaming revenues, including subscription and ad-supported services, were up 11.5% to $17.5 billion. The user base for paid music subscriptions expanded in 2022, reaching 589 million subscribers globally by the end of the year.

These streaming revenues translate to minimal payouts for artists. The per-stream payout on a service like Spotify can range from $0.003 to $0.005, with a 70/30 split in favour of rights holders instead of the platform. However, the "rights holders" category encompasses more than just performing artists - it also includes songwriters, publishers, and owners of the master recording, who may be a record label rather than the artist themselves. So, while streaming provides significant revenues overall, the actual payouts to individual artists are reduced based on these divisions of royalties.

As one former Spotify Dev I spoke to said, “If your technology empowers musicians creatively and financially, everyone wins in the long run. But Spotify doesn’t. And neither do our partners…”

Drained revenue makes it hard for the average musician to get by, let alone invest in developing their craft. But musical passion leads to choices that seem irrational from a business perspective. Artists willingly live in poverty, work day jobs, and sacrifice financial stability to pursue their dreams.

Past music technology has often contributed to this financial plight. Musicians will jump at any tool promising to accelerate success - whether it be recording software, online distribution platforms, or social media services. Companies will squeeze struggling artists with monthly subscriptions and usage fees that rarely generate enough income to offset the costs.

Selling to Starving Artists

This brings us to the paradoxical challenge for music tech companies today. How do you sell costly products to users who cannot pay?

Music startups need customers to survive and scale. But tempting starving artists with tools they can’t afford will only breed resentment. So, tech providers get creative with business models.

Some music tech firms offer limited free tiers or discounted subscriptions to hook artists. Platforms like SoundCloud and Bandcamp build traction through free accounts with upgrade options. Other companies partner with brands to sponsor free access for musicians.

A few startups have found success by appealing directly to artist communities. Splice waives fees for musicians who distribute their music through the platform. Musical artists side with creators by limiting free trials of their software.

Of course, companies need to turn a profit eventually. The most sustainable strategies would provide real value to artists rather than preying on false hopes.

A strange tension characterizes today’s music industry. Music entrepreneurs are releasing compelling technologies designed specifically for artists. Meanwhile, independent musicians are struggling more than ever to scrape by financially.

Selling costly tech products to insolvent users is an uphill battle. But music startups are finding ways to align their incentives with creators, benefiting both sides. With the right mix of free tools, discounted access, and premium offerings, companies can equip artists without sinking them further into poverty.

The outlook for music technology and starving artists isn’t completely bleak. Tech entrepreneurs can empower musicians creatively and financially by delivering real value rather than extracting fees. But that model is harder than pursuing MRR - or VC funding off an MRR story. And when mainstream product and service providers increasingly ignore that model, artists will go underground, not out of decentralized radicalization or an indie/DIY ethic, but out of sheer economic imperative.

The Web3 Answer

For the past 4 years, I’ve argued in favour of Web3 and blockchain-based music platforms. These aim to increase transparency, help artists monetize directly from fans and facilitate more equitable smart contracts. And - if they work - will create a new category of music tech that works through something closer to an API model rather than the traditional Middleman model.

In theory, by allowing direct transactions between artists and fans, Web3 services can reduce intermediaries gobbling revenue. Smart contracts on the blockchain theoretically ensure creators get paid accurately and instantly based on codified terms. The monetization of Web3 music tech comes from the audiences, paying directly to the artists rather than parasitically siphoning money away from ever-diminishing royalty checks.

Web3 proponents like myself have posited that these technologies will give power back to the artists, enabling them to retain ownership while engaging with fans in new ways. Direct artist-to-fan interactions allow musicians to build closer connections with supporters and cultivate loyal communities. The potential for verifiable fan engagement is huge.

The problem: the Web3 music landscape remains highly speculative. Most platforms have yet to gain real traction, and many artists view them as overly complex or risky, and the supposedly paying audience is a handful of Web3 degens who will inevitably abandon ship on any artist or platform if they can’t flip, farm or fuck it for a profit. With the result being the gradual death of music NFTs.

To be clear - provided blockchain survives Quantum computing, I remain bullish on Web3 music as an alternative. The problems above are solvable if/when/as the technology and user experience mature. For struggling artists seeking sustainability today, Web3 represents a compelling light at the end of the tunnel. These innovations may hold the key to finally aligning technology with the interests of musicians. Web3 platforms offer hope of restoring power, transparency, and revenue control to artists. The learning curve is steep, and speculative manias inflate hype. It will take time to separate transient trends from truly groundbreaking and empowering technologies.

While adoption is still (and trust me, I loathe this word as much as anyone) early, innovative musicians could harness the use of blockchain platforms to take control and find financial sustainability. And leaders / founders who recognise the longevity in that value prop will be well positioned for the next 10 years of music industry growth as artists choose autonomy over the squeeze.”

Interesting Upcoming Music Spaces👀

^{Music NFT Drops}

My Top Picks👇‍

Do you want to be in the Shooting Star section? 

Send me a Twitter (X) DM with your journey in web3 and a brief description of yourself for a chance to be featured!

_{Shooting Star}🌠

Erin Hyvin is a singer-songwriter from Barcelona, Spain. She has always been surrounded by music. At a very young age, she started taking singing lessons and performing on stage in plays and musicals.

Last July, she debuted on web2 as a solo artist with her first EP called "It Was All A Dream," which includes 5 songs exploring the American Dream through her eyes - a fantasy-like world filled with a sense of freedom. After realizing the power that web3 holds, she decided to also release this project on-chain, despite this being a fairly new ecosystem to her. She is now slowly gaining recognition from the community while working on building a sustainable fan base.

Erin is currently working on her next project, which will also be released on web3. If you want to hear more about this project and her music, don't miss out on Friday, October 13th, at 4:00 PM CET when they will be featuring her as a Spotlight Artist at the Web3 Music Hive space hosted by Nik Cosmo and Nifty Music.

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