Music Company Trackd believes it has found the key to allowing artists to break the stranglehold of the streaming platforms. The new app is giving artists back the power to earn a fair reward for their work breathing life back into an industry that for too long has neglected its primary asset.
The award-winning app introduces a subscription-based “fan” feature to the platform. The new service combines the discovery and player functions of the likes of Spotify with a creator subscription model akin to Patreon, allowing fans to support artists directly and enable them to monetise their music.
With the pandemic meaning that gigs and merchandise sales have been ruled out for 18 months and revenues from streaming players at an all-time low, it is a critical time for artists as they come out of the wilderness. Trackd’s new approach will revolutionise a stagnating industry giving it the freedom it needs to break the chains that have been hampering artists for decades.
How does it work?
Unlike Spotify etc, which typically pays artists around $0.004 per stream months later; therefore requiring millions of streams just to reach a minimum wage, artists using Trackd can typically make a much higher income with just a couple of hundred subscribers and they get their money in 72hours,” said Sheffield.”
Using the fan features, artists can post music onto their profiles, then decide which content is free to listen to and which is for subscribers only. In order to access the locked content, fans pay a small monthly fee to the artist who then receives up to 85% of the revenue, while Trackd covers all the remaining costs. Fans have the choice to make a one-off payment for one time “busker’s hat” access to content, known as ChipIn or a monthly ChipIn+ for subscriptions as an ongoing service.
The built-in discovery function lets fans explore an extensive free library and uncover new artists and music. Trackd’s free radio uses AI to guide listeners on their discovery journey by suggesting new music wherever they are, via the web or app. The user experience is further enriched by adding creative visual and engaging features such as Virtual Vinyl spinning shareable discs, album cover art, lyrics and the ability to interact directly with the artists via chat, creating an immersive music experience.
Russell Sheffield is no stranger to the music industry. His father Norman co-founded Trident Studios where a string of recording greats such as: The Beatles, Queen, Elton John and David Bowie created great music. It was at the famous Soho studios that the Beatles recorded “Hey Jude.” Early adopters of the Trackd platform include Blossoms, Jamie Catto from Faithless and Dave Stewart of Eurythmics fame who is also a lead investor in the business. Russell added, “We are music people from the music business. We set out to create a platform that gives the power back to the artists that make up our industry. Trackd gives them the opportunity to create great content within a platform that is specifically designed to give a rich user experience for music creators and listeners alike.
“Unlike more traditional music subscription-based services Trackd is designed to create a positive ad-free listening experience. The My Collection feature allows fans to view the artists they follow, subscribe and listen to, whilst Feed is where new artists can be found. In this way we give users easy access to great music whilst protecting the artist’s earnings.”
Head of artist relations for Trackd, Grant Tilbury-Jaiswal said: “Introducing our dedicated music only creator subscription model dramatically shifts the mechanics of the industry. The pandemic highlighted the need for additional sources on income for artists. We believe this shift to put artists back in control will continue, even after things get back to normal.”
Dave Stewart concluded: “By creating bespoke content that fans want to hear within a platform that is designed with their needs in mind, artists are able to mobilise their fan base to build a career in the business. Trackd is on course to revolutionise an industry that has neglected its most important asset, the artists themselves.”