Grammy-winning musician, composer, and producer Wyclef Jean believes the music business is shattered, which is why he is now collaborating with a venture, OpenWav, that aims to return the authority to performers.
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Through the OpenWav application introduced during summertime, musicians can release fresh tracks and exclusives, connect instantly with followers, trade merchandise, organize performances, gatherings, and listening sessions, and much more. Later, the venture intends to provide further guidance to artists utilizing AI resources.
Wyclef Jean at Fortune Brainstorm Tech
Speaking during the Fortune Brainstorm Tech gathering this week, Jean, now the chief music officer at OpenWav, expressed sharp criticism toward the status of the music field, especially targeting the financial framework of streaming networks.
Streaming Payouts Under Scrutiny
If you are a rising artist, the number of plays that you must collect to earn 10,000 is practically exploitative. So, currently, you witness continuous rebellion, he said.
Jean highlighted Cardi B as a modern sample of the dilemma, explaining that though people may have assumed it was amusing that she stood outside distributing CDs and vinyl records, which she did in a TikTok marketing her album, what she was honestly demonstrating was revealing how terrible matters have become for performers.
OpenWav Co-Founder Jaeson Ma’s Perspective
To offer perspective, OpenWav co-founder and CEO Jaeson Ma, who presented alongside Jean at the session, said right now on Spotify for 3,000, you must achieve 1 million plays. Ma is a media field entrepreneur, investor, and adviser who has funded countless ventures, including Musical.ly, which turned into TikTok, Triller, Coinbase, Grab, and others, and co-created several media firms and the NFT application OP3N.
Algorithms and the Lack of a Song of the Summer
The algorithms are not supporting tracks, he emphasized, agreeing with a current online post from singer Lizzo, who lamented about the absence of a song of the summer this year.
The Power of 1,000 True Fans
Ma then clarified that what current musicians require is not millions of listeners on Spotify but rather 1,000 authentic supporters. If you maintain 1,000 loyal fans who contribute $10 monthly, that equals $120,000 yearly as an autonomous performer. Spotify is not rewarding you. Instagram, TikTok are not rewarding you. But your genuine supporters will fund you, Ma explained.
OpenWav’s Superfan Approach Versus Spotify
Of course, OpenWav is not alone in considering transforming super fans into a revenue channel for performers. Spotify itself has been mentioning developing a super-fan service for quite a while, informing investors on its earnings calls that it plans to launch a premium tier designed for supporters who receive early ticket access, expanded features, and additional perks.
OpenWav would not necessarily pursue massive performers as Spotify does, however. Instead, it will be targeting independent musicians and others only beginning.
Independent Artists and Platform Control
The idea is not unique. Spotify attempted to enter this market too when it presented a method for independent artists to upload their music back in 2018. But that trial was quickly discontinued after the corporation encountered pressure from its label partners who thought the effort would reduce their income.
What Makes OpenWav Different
Ma, answering a question about what distinguishes OpenWav from other supporter platforms, acknowledged there were rivals available presently but insisted that none were executing everything that OpenWav is combining in one location.
When you join OpenWav, you are capable of selling tickets and retain 80 percent of the revenue; 20 percent goes toward the platform. Everyone who purchases a ticket enters the event discussion on a Discord, and you can directly communicate, collaborate, and engage with the exact people purchasing passes for your events.
Then you are actually capable of releasing merchandise in that identical community chat with zero initial costs, no inventory, and worldwide dropshipping.
Ownership of Audience Data
Performers on the service also maintain ownership of their audience, including followers’ contact emails and mobile numbers.
AI-Powered Tools for Artists
The service enables artists to apply AI to craft their merchandise, and both Jean and Ma shared excitement about the innovation. Jean mentioned that AI can support musical performers to generate beyond before, and Ma emphasized that even record producer and songwriter Timbaland has been employing the AI music platform Suno like a sampler to assist him in expanding his existing creations.
AI as a Digital Manager
Within OpenWav, they intend to employ AI to support performers, similar to a manager, by recommending options like tour destinations or merchandise designs, and also providing resources to design album covers or lyric visuals as examples.
What we perceive with AI is that AI is going to become your closest companion as a performer, said Ma, who explained that some AI functions will arrive within the application’s phase two. Meanwhile, OpenWav is accessible on iOS and Android platforms for users.
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