I’ve been really inspired by the work Justin Blau (3LAU) has been doing with Royal.io. Their vision is to change music industry mold, by creating a holistic relationship between fan and artist using blockchain technology. Coming off the recent success of Nas’ new project (NFTs for his new single, “Rare”), I started to wonder about how the music royalties would work.
The year is 1906. You are a sea captain, steering a ship through crashing waves and catching as much fish as possible for tomorrow’s Christmas markets. The usual beeps emanating from your shipboard radio stop, and you hear a different yet familiar sound. Excited, you run down and yell across the deck to your crew, “You gotta hear this, it’s a Christmas miracle. They’re playing ‘O Holy Night’ on the radio!”
A lot has changed about audio consumption since that Christmas eve in Boston. That was the first time music had been delivered publicly, and with it an industry was birthed. Radio gave way to vinyl, which gave way to the tape cassette, CD, and now MP3. By the early 2000s, the success of digital music pioneers Napster and iTunes proved music streaming had great potential, but monetization and copyright licensing still lagged far behind. By 2011, streaming services like Spotify, Pandora, and others were becoming some of the most recognized brands in the world — music streaming was a force to be reckoned with.
In August 2012, I joined a tech company ripe with possibility. I saw music at a crossroads between the conventions of a century’s old industry and the potential of new technology. I felt joining Dubset Media would give me an opportunity to play a part. I hoped we would get acquired, but I never imagined my work would change the music industry. That success didn’t come without its fair share of growing pains and setbacks. It’s my hope that by sharing my story, it will help you make better decisions about your team, your company strategy, and your career. This is my journey, from start to sold.