Blockchain-based live music business Chapel has announced the acquisition of music marketing service Amplify.link, with the deal resulting in new business Amplify that utilises the power of DeFi to provide musicians with additional revenue streams and form part of a new era of value creation.
The NFT Boom of 2021 solidified the emergence of non-fungible tokens into the mainstream, with high-profile figures in the music industry capitalising upon this nascent industry. While NFTs provide artists with a way to monetize their art, and connect with their followers in a novel way, an even greater leap into transparent collectivity within the music industry has been the development of the DAO space.
DAO’s allow humans to collectively work together to reach an end goal, utilising governance privileges to establish, update, and revoke the decision making process. What this means for the music industry, is essentially the creation of a technology that can enhance the participatory experience of musicians and their fans, as well as creating a space in which artists and creators are empowered financially.
For Amplify’s post-acquisition business, the application of DAO governance to the live entertainment business model is the next logical step in bringing technological advancement to the music industry, and allowing musicians to create long lasting income from live gigs.
Irfon Watkins, the CEO of Amplify noted In a press release:
“I firmly believe that Web3 is the future for the music industry, DAOs will become a standard part of the industry & DeFi will become much more frequently used. As a result independent artists will be able to thrive, the struggles we saw in the pandemic from the cancellations of live music would not have as much of a catastrophic effect on their income, thanks to DeFi and advances in the Metaverse.”
Kasabian’s Ian Matthews, and Chief Music Officer at Amplify, commented on the role of Web3 for the music industry:
“Web3 will have a huge role to play in the future with the music industry. It will open up a whole new realm of possibilities in the way artists are rewarded for performing both live shows and within virtual events. Having worked as a musician most of my life I am well aware of the constant financial pressure that comes with the job, so I’m excited to head-up a project that aims to make it far more financially viable to work and survive in the industry. The last couple of years in particular have been hard on the sector, affecting not only musicians, but also small venues and promoters alike. At Amplify we want to bring financial balance to the entire music industry at a time when it’s needed more than ever, and be able to offer the opportunity for those who work within it, particularly the artists who breathe life into it, the ability to reclaim control over their income through expressing their art. ”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
