Pianity Public Revenue Split
Pianity, the Web3 music NFT marketplace powered by Arweave, has released its Public Revenue Split functionality to the world. This is a feature that enables artists, songwriters, and anyone involved in the music industry, to monetise their content fairly.
⭐To address the lack of transparency in the music industry, we are glad to introduce our Public Revenue Split on every #NFT sold on #Pianity!
????From now on, anyone can see the revenue redistribution of NFT sales and know exactly how much each rights owner receives! pic.twitter.com/L2dpOJBM6t
— Pianity ???? (@pianitynft) May 19, 2022
Pianity believes in fair treatment and honest monetisation for artists. Currently, music industry is lacking a transparent way to track sales and royalty shares, for artists and musicians to receive what they rightfully are owed. This becomes increasingly difficult when you have multiple people working on one song. Professionals that could be eligible to receive royalties from a song’s sale could include (but are not limited to):
- Songwriters
- Lyricists
- Producers
- Audio engineers
- Record labels
To resolve the revenue distribution issues and lack of transparency, Pianity steps in with its Public Revenue Split.
Via the use of NFTs and Smart Contracts, Pianity has made it possible for anyone selling on their platform to designate the appropriate split of revenue from a song’s sales. When an artist mints an NFT, they will have the option to assign who receives a cut of the sale. Furthermore, all this information is publicly visible.
In the past, a record label might receive 60-70% of a sale, with the artist only getting 10-15% of the revenue from their creation. Nowadays, with music streaming services ruling over the entire music industry, it becomes near impossible to track revenue distribution correctly. Most times, a subscriber’s fee to a streaming service will be potted with the fee of all other subscribers, and the money in turn distributed to the most popular artists on the streaming platform, and not necessarily the one the subscriber listened to.
On Pianity’s platform, artists will receive 80% of the transaction cost on the original sale, and then 8% each time an NFT is resold on the secondary market. The secondary sales are in line with “Droit de suite,” or Artist’s Resale Right (ARR), which is a right granted to artists or their heirs, in some jurisdictions, to receive a fee on the resale of their works of art.
If done correctly, Web3 as a whole could help resolve this issue, with Pianity paving the right path to do so.
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