A $0.003 reward?! We’re Twitching at the thought!

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A $0.003 reward?! We’re Twitching at the thought!

Twitch has always been popular amongst the gaming community. It was created initially in 2011 as a platform for gamers to use in order to live stream as well as broadcast live Esports events and competitions and has since retained on average 15million daily users.

With so much more of our time spent online due to the Covid-19 pandemic, Twitch has expanded in regard to what they broadcast and live stream: talk shows are growing in popularity as well as live streamed music to name but a couple.

As the date for the resumption of normality approaches and with it the reopening of concert halls and live shows, one can speculate as to what will happen to those artists that have decided to make use of these live streaming platforms as a source of income.

Twitch users reportedly spend three times as much time on the platform as on Sportify and YouTube so the potential for it to be a very lucrative platform for music makers and artists is what has been looked into by Will Page, an economist who runs Tarzan Economics. He worked alongside various teams in order to understand how live streaming and live music may co-exist in the future.

“Live streaming won’t go away when live music returns.”

-Will Page

In 2002, one of the first music streaming services Rhapsody, offered a $9.99 monthly price which is the same as what we see today for similar music streaming services.

What is provided is also pretty much the same as what was offered in 2002; fans remain largely disconnected from their favourite artists, they are unable to offer direct compensation to creators, and ‘cross-usage’ occurs frequently as a listener is often subscribed to multiple platforms.

“None of the on-demand streaming services that have since sprung up enable immediate engagement, this is a relic of the music industry of old.”

-Will Page

User engagement is something that both Twitch and Jeeni offer, and not only does it allow the fans to be more involved with the artists they love, but it allows the artists to be fairly compensated, a huge issue which is now being petitioned against by the Broken Record Campaign. See our last blog post for more information and ways that you can support the campaign.

According to Will Page, the typical music streaming model has approached the way in which artist are compensated in one way:

In essence, the modelling simply just isn’t fair, and neither rewards the artists or their fans for supporting them.

The way in which Twitch brings in money, however, varies across three methods similar to Jeeni: Creator Channel Subscriptions, Bits allow users to support creators directly on the service, and advertising.

Will Page made a comparison between creator earnings on Twitch, which average at $0.15 per-hour-per-user, with that of global streaming services at which the rate per-stream is set at roughly $0.003.

By taking the $0.003 per stream and multiplying by 17 (assuming a song lasts 3 minutes this equates to an hour of listening time), then applying an average 20% royalty rate, this results in a creator’s “revenue-per-hour listened” at just $0.01.

My jaw dropped, did yours?

Twitch has proved it can monetise over 10 times better than music streaming, however this only applies to creators’ most loyal fans that tune in on a regular basis.

"If you keep the full $100 of each true fan, then you need only 1,000 of them to earn $100,000 per year."

-Kevin Kelly, The Technium, 2008

Do you want to spend hours watching your favourite gamer and at the same time, fairly compensate and reward them for their time and effort? Well of course. What Twitch does for gamers, we want to do for music makers and artists here at Jeeni.

Look out Twitch, we’ll meet you at the finish line.

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15
Oct

Jeeni Weekly Round-Up #1

Welcome to the first edition of our weekly round-up blog where we discuss the latest news in music, entertainment, and more. 16 Million Americans Learned to Play Guitar During the Pandemic, Fender Study Finds Guitar sales boomed during the pandemic in 2020, with Fender sales growing by 17%. It was clear more people were picking up the instrument during lockdowns. A new study from Fender has found that about 16 million Americans between the ages of 13 and 64 started learning to play the guitar during the last two years . The study was conducted between May and June 2021 by Fender and YouGov. With 62% citing COVID-19 and the associated lockdowns as a major motivator. 77% of those polled reported that they found themselves with additional free time during this period, which they used to play and practice. The “Fender’s New Guitar Player Analysis” study, analysed who new players were and how they took up the instrument. The major takeaways were that most new players are women, two-thirds of players are between the ages of 13 and 34, more than half of them use TikTok, and 38% of the new player identify as Latinx. Check out the Jeeni guitar channel to find a range of guitar-related content and tutorials. TikTok Adds Six Certified Sound Partners to Expand Commercial Music Library Music is an integral park of TikTok’s platform, with the power to spark global trends and even shoot artists to instant stardom. The platform has revealed six ‘certified Sound Partners’. According to TikTok in addition to its Commercial Music Library which includes over 150,000 pre-cleared, royalty-free tracks. This partnership will help expand the commercial music library in many surprising ways. Furthermore, TikTok has introduced a new series of parents with its marketing partner programme. Which will help brands make content with sound while also helping them better aline with key trends on the platform. Spotify’s New Music Friday Playlist Favors Indie Artists and Women, Study Finds Despite the challenges that independent label artists and women face in the music industry in a study published by the International Journal of Industrial Organisation concluded that independent artists and women are the top performers on the popular playlist New Music Friday, which is selected each week by publishers. Research conducted by the Carlson School of Management at the University of Minnesota analyzed more than 5,700 songs on the playlist throughout 2017. The researchers sought to find if there was a bias towards any label, artist or genre. Despite predictions, they found that music released by an independent labels generally received a higher ranking. Resulting in an average boost of two spots on the New Music Friday playlist. Additionally, songs by female artists also benefited from a higher ranking on the playlist. However it’s important to note that this research only applies to the Spotify New Music Friday playlist. “For instance, streams for music by women account for about a quarter of total streams, a share that is low compared to the number of women listening, among musicians and in the population as a whole,” Said researchers. “Instead, the takeaway is New Music Friday does not compound the challenges these groups face in the music industry.” Recorded music revenue grew by 27% according to the RIAA mid-year report Recorded music revenue grew by 27% in the first 6 months of 2021 according to the RIAA mid-year report, versus the prior year, from $5.6 to $7.1 billion. Paid subscriptions continued to be the strongest contributor to growth. Comprising nearly two-thirds of total revenue, and more than 80 million paid subscriptions for the first time. Inspite of the effects of Covid-19 that have continued to affect the industry the music revenue is still growing. However year-over-year comparisons are significantlympacted by store closures, tour cancellations, and other disruptions from both 2020 and 2021. It's well known that artists rely heavily on live performance income. And the major streaming platforms revenue share is extremely unfair and continue to undervalue the artist. Jeeni is working hard to do the opposite, dedicated to boosting new talent and established artists alike. We reward them and their audiences ethically and fairly. Become a memeber today to find out how we can help promote you and how you can help creative talent alike. Make sure to follow jeeni on our social platforms to keep upadated on everything we are doing. In Jeeni News Jeeni is always finding new ways to support creative talent, currently we are searching for artists, musicans and performers to create dedicated showcases for. As well as looking for creative talent to interview for our Inside Stories. If you are interested please contact our artist liason ella@jeeni.com.

05
Jun

Live Life Fully and Mindfully — Things Change Quickly

by Kelli Richards Jeeni MD USA Most of us coast along in life day-to-day, and we don’t always think and act mindfully in the moment. There are many reasons why it’s important to practice doing so most of the time, but perhaps the biggest one is that things change quickly in life — and often unexpectedly. When you’re mindful, you have fewer regrets when they do. Here are a couple of examples that have happened to me recently. Many of you are aware that I’ve been in the music/tech space as a veteran for most of my career, since the dawn of the digital music revolution. I’m proud not only of having been a pioneer steeped in co-creating many of the key milestones that have impacted the evolution along the way, BUT also in having shared those experiences with a cadre of cherished colleagues alongside — many of them for over 25 years now. One off those fellow visionaries was Jay Frank. Jay was instrumental in envisioning the future of streaming driven by user-influenced playlists years before that took off. Feel free to review more about Jay in this obituary on Billboard. He was only 47 when he passed of cancer; he hadn’t told many of us about it — and his loss was a real shock. He certainly accomplished a lot in his years on the planet and left a lasting and palpable legacy. I hadn’t been in as active touch with him during the past couple of years, which I regret, but he knew how much I respected him. I’m proud to be on the advisory council of Harvest Summit, an annual ‘field trip’ gathering of successful high achievers from different industries who come together in wine country to embrace innovation. Each year we feature a powerful keynote speaker to wrap up the event, and at this year’s event just a few weeks ago in mid-October we were fortunate enough to have Bernard Tyson join us. Bernard was the beloved CEO of Kaiser Permanente, the huge healthcare system, and he was responsible for creating some of Kaiser’s most progressive and innovative efforts during his nearly three decades with the company. He was someone who made a real impact & a lasting legacy. At Harvest Summit he was inspiring and infectious. And when I approached him afterwards, we had a brief chat and he was very warm and gracious. Just a few weeks later, Bernard passed suddenly at 60. His wife is a colleague of mine, and I’d heard about how wonderful he was for quite some time. I was so pleased I had the opportunity to connect with him and got to experience his presence firsthand. Finally, I’m enamored of wine country and Sonoma County at large; so much so that I intend to re-locate there in the coming years. I’ve built a large community of people I care about greatly in that region. Two years ago, over 5000 homes were lost to the devastating Tubbs Fire there. The week after I was at Harvest Summit in mid-October — right in that same location — the unthinkable happened in that the Kincade Fire took off like crazy with flames fanned by strong Santa Ana-like winds in that same general region causing widespread evacuation, power outages and unrest in that same region for over a week. Some homes were lost again, but owing to the brave firefighters who were determined to save lives and properties (and with some support from winds dying down), the fire was brought under control at last. This has all reinforced for me just how important it is to be prepared for natural disasters — I’ll be putting together an emergency “go bag/kit” shortly as a result. I guess in summary, the common thread here is that’s important to be present and mindful in all our interactions with others, and not take anyone or anything for granted. Because life is truly fragile, and what we’re privileged to enjoy today could be taken away without warning tomorrow. Be here now. Click HERE to visit or return to jeeni.com

10
Jun

Facing the Broken Music Industry.

By Adam Cowherd @ AmplifyX.com Did you know that artists take home only 12% of the $43 billion spent on music annually, according to Citigroup? [1] The hip-hop artist Russ put it perfectly when he said, “The music business isn’t set up for the artists to get rich. It’s set up for everyone else to get rich off the artists.” [2] If you start looking deeper into the music industry, one of the first things you’ll discover is how broken it is. Artists are the nucleus of the business, but somehow they’re the individuals left with no ownership of their Intellectual Property (IP), inhibited creative freedom, and only a sliver of the earnings. There are so many entities involved in the value chain of music that it has created a convoluted industry structure that lacks equality and transparency. When we break down the mechanics of the music industry, we see just how many hands are in the pot: record labels, managers, producers, booking agents, and streaming platforms. A report by Ernst & Young highlighted the post-tax payouts of streaming revenue and identified that record labels are taking nearly 75% of the payout. [3] Why are artists today signing with record labels? Signed artists have fans. They do not have a majority of royalties, ownership of their masters, or creative freedom. Artists have historically been enticed to join record labels as a way to grow their popularity, because major labels can provide global brand recognition. But the music industry is in the business of making a profit — not in the business of freebies. The artist’s growth may be guaranteed, but not their wealth. Take Thirty Seconds to Mars for instance: after multiple platinum records, they were still millions of dollars in debt to their label. [4] This is a result of the artist being forced to pay the label back for cash advances. Although advances may seem extremely alluring, many don’t realize how hard these loans will be to recoup from their small slice of royalties. Artists thriving off of their album sales are the exception, not the rule. This recognizable gap in income has inspired a large number of artists to start challenging the status quo of record label contracts. Artists today have more tools and resources to build their career — and wealth — independently. Traditional services formerly tied to record labels, like recording, distribution, and promotion, are becoming commodified. Also, modern artists have a wide range of social media platforms to engage listeners on, from Instagram to TikTok to Triller. Artists can grow their fame and find new fans on their own terms—retaining their rights and independence. Evaluating the industry today, music spending is at an all-time high. Goldman Sachs predicts we will have over 1.1 billion people on paid streaming platforms by 2030, generating over $130 billion in music industry revenue. [5] By pursuing alternative ways to release music, artists can take a larger cut of the profits while retaining ownership of their IP and a majority of royalties. The industry is projected to experience massive growth over the next decade. Artists should reap the rewards.

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