It is a well-known secret that the music industry needs to allow artists to make more money. Achieving that goal by sticking to traditional revenue streams will be virtually impossible. xSongs is a new platform that will allow artists to sell their songs directly in exchange for Ripple’s XRP asset.
The Music Industry Revenue Problem
For several year snow, there have been stories of artists not being able to make ends meet by creating music. The way they earn money often relies on business models that are not suitable for the modern age. While the top artists will still make a decent amount of money around the clock, things are very different for indie performers and newcomers.
The main problem is how there is not too much two-way engagement between fans and artists. If a fan buys an artist’s music, the benefit to the fan remains fairly limited. As such, streaming services have become a new revenue stream for creators. People can play their songs, the artist will make a minor amount of money, and they can look for other ways to engage with their audience.
It is not difficult for artists to benefit their fans, but exploring different options can be hit-and-miss. It is crucial for the industry to keep innovating in this department. That is often much easier said than done. The launch of xSongs can prove to be a positive game changer in this regard.
The xSongs Vision and XRP use Explained
For music artists, the xSongs initiative offers a new way of monetizing creations. This online marketplace allows creators to sell their music in exchange for Ripple’s XRP asset. This asset can be converted to traditional currencies through dozens of trading platforms.
As this marketplace focuses on digital content, artists can easily reach a global audience within days. All of the revenue generated per sale is forwarded to the artist, which is very different from traditional revenue splits working against the music creator. This aspect of xSongs allows artists to maximize their earnings accordingly.
To take part in this initiative, artists need to set up a Payburner account. The Payburner service is built on top of the XRP Ledger and allows for global payments between users without the recipient paying any fees. This approach is also great for artists willing to accept XRP payments through their own website directly.
In the background, xSongs will check every bit of music that is uploaded tot he marketplace. If a copyright infringement is detected, the file will be flagged automatically. All of the content uploaded also serves as copyrighted material associated with the users’ credentials created through Payburner.
While this initiative is still in beta testing , it can help revolutionize the music industry on a global scale. Platforms like these allow artists to interact more with their users, instead of having to worry about revenue streams and contractual obligations. Every little bit of extra income can make a major difference, both for veteran and novice artists alike.