TL;DR
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Boleros Song Share allows music artists to sell shares of their song royalties to fans (through NFTs).
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Bolero collects all revenue earned from streaming, downloads and video platforms, converts it to crypto and then distributes it to the relevant NFT holder.
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Record labels often offer a new artist a little bit of money for a single ($500-$2,500) and then take – wait for it – 80% of the song royalties forever.
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With Bolero, artists can raise money from their fans, bypass the old label system, achieve success themselves and keep all their royalties.
Full story
Well this is creepy.
Yesterday we wondered if a service would be nice Boleros ‘Song Share’ already existed…and now it pops up in our news feed.
Basically, the Song Share feature allows music artists to sell shares of their song royalties to fans (via NFTs).
This is not a new concept, but the fact that Bolero collects all revenue earned from streaming, downloads and video platforms, converts it into crypto and then distributes it to the relevant NFT holder?
We’ve never heard anything like this before.
Here’s why we love this idea:
Record labels often offer a new artist a little bit of money for a single ($500-$2,500) and then take – wait for it – 80% of the song royalties forever.
And to add insult to injury…
Labels often take 100% of royalties until promotion and studio costs are recouped.
These deals are so damn predatory – we’re surprised Chris Hansen isn’t knocking on their door.
But here it is:
Many artists today write and produce music from their own home studios.
…and the wealth of promotional power now lies in organic (unpaid) reach – via platforms such as TikTok, Instagram and YouTube.
Which means that with a small amount of funding, artists can bypass the old label system and find success on their own.
With Bolero, artists can get that “small amount” from their fans – and reward that support with a manageable cut in royalties.
It’s a great concept!