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Try using some of your favorite songs on the short-form video app Triller, and you’ll be hard pressed to find what you’re looking for.
On Thursday, the music catalogs for Universal Music Group, Warner Music Group, Sony Music and Merlin — which provides digital licensing to many top independent labels and distributors — were removed from the platform.
A Triller spokesperson says the platform is “reassessing each of our label deals as they come due as our catalogue music usage is a small fraction of our overall business with creators.
“Some labels are more used than others and if we can make financial arrangements which make sense for the platform, on a label by label basis, we will. In other cases the usage does not justify the cost.”
The news follows a lawsuit filed by Sony Music Entertainment in August, claiming Triller had “historically failed to make payments in a timely manner” but that this issue got even worse in March 2022 when Triller “failed to make any monthly payments required under the Agreement, totaling millions of dollars.”
A source at one of the other major music companies says similar breach of contract and failure to make payments, including “millions and millions in past due royalties,” was behind Triller’s decision to pull these catalogs. The Triller spokesperson, however, called that claim “false and grossly inaccurate.”
Representatives for Universal, Warner, Sony and Merlin declined to comment.
In a Thursday morning email, Merlin’s senior director of business and legal affairs alerted members that Triller had “commenced the takedown of Merlin content.” He continued, writing “at this stage we do not believe that Merlin is the only licensor/content provider to have had content taken down. The term of our current agreement with Triller has now expired. We will update members as soon as we can regarding renewal discussions.”
Merlin members include Secretly Group, Mom + Pop, Monstercat, Symphonic, Ninja Tune, Beggars Group, FUGA, ONErpm, Domino, SubPop, Vydia and more. The Triller spokesperson told Billboard when asked about the Merlin email, “We are in active conversations with Merlin and expect to renew our relationship and continue our friendly and successful partnership.”
“As Triller has grown and expanded its portfolio of services for creators as an open-garden platform, we are recalibrating some of our partnerships with a focus towards showcasing talent and maximizing their monetization,” that statement continued.
A glance at Triller’s Discover Music page shows that there are now few official music options available after the takedowns, and the promoted new releases and top picks are largely artists with no label affiliation. The only traces left of some label-signed artists are available through searching “OG Sounds,” which are typically user-created soundtracks like remixes that sometimes contain copyrighted material, or if a signed artist collaborated as a feature on a song released independently.
The public rift between Triller and the music business dates back to about 2020, when chairman and CEO of the National Music Publishers’ Association (NMPA) David Israelite criticized the app in an Instagram post, saying Triller needed to fully license its members works. “It’s a simple proposition – license songs before you use them,” he wrote.
In November of that year, Wixen Music Publishing filed a 15-page lawsuit against Triller, suing the company for $50 million dollars, stating in the complaint that Wixen felt encouraged when Triller’s CEO appeared to agree with the NMPA’s criticism that summer, but then, after months with no agreement reached, Wixen opted to file the lawsuit.
In the indictment, Wixen alleged Triller had “brazenly disregarded copyright law and committed willful and ongoing copyright infringement,” of its more than 1,000 song catalog. The lawsuit was dismissed in February 2021.
Eventually, in March 2021, Triller came to an agreement with the NMPA on behalf of its members.
Also in early 2021, Universal Music abruptly pulled its catalog from Triller, saying the app “shamefully withheld” artist payments. A source familiar with the matter told Billboard at the time that the payments UMG claims Triller is withholding went back several months. Three months later, the two companies announced a new, worldwide licensing agreement, spanning recorded music and publishing and restoring the UMG catalog to the app.
This August, Timbaland and Swizz Beatz also sued Triller for failing to make payments due on the sale of their popular Verzuz livestream series the year prior. They claimed the platform still owed them $28 million from the deal 18 months later. That lawsuit was settled in September.
Outside of music, there have been other claims against Triller for allegedly failing to make owed payments. Boxing journalist Dan Rafael reported that Triller had not fully paid several fighters and crew members from a May 2022 fight. In August, the Washington Post reported that Triller “promised millions to Black creators” to use the app as part of a paid influencer program, but “nearly a year after…its payments to many creators have been erratic — and in some cases, nonexistent.” In September, it was also sued by a smartphone app consulting firm that said it was owed more than $132,000 in unpaid fees.
Over the past two years, Triller has repeatedly announced plans to go public but has so far failed to do so — initially through the formerly-popular ‘SPAC’ merger process, and then in June this year filed paperwork with the U.S. Securities and Exchange Commission indicating that it plans to take a more traditional IPO route. In late September, the company announced it had secured $310 million from Luxembourg-based private alternative investment group for a 36-month term following a public listing of Triller’s common stock and would aim for a public listing by early in the fourth fiscal quarter (October-December).
Warner Chappell Music is the first major publisher to step into Web3 through a new deal with Defient — a Web3 entertainment incubator. The deal will allow the Warner Chappell roster, which includes Bruno Mars, David Bowie, Katy Perry and Lizzo, to tap into blockchain technology through digital collectibles, events and memorabilia.
The first project is a digital museum launching early 2023 called “Archives,” which will shine a light on songwriters through an exhibition of music, artwork and collectibles built around the song creation process. A limited-edition NFT mint pass will also give holders access to highly curated drops, auctions and virtual experiences.
WCM believes the partnership will allow the publisher to unlock new methods of monetization. “By embracing the power of blockchain technology, we can create impactful new revenue streams and creative opportunities for our songwriters while giving music fans access to unique experiences,” said WCM senior vp of creative services Ashley Winton. “Not only are [founder & CEO] Sidney [Swift] and his whole team at Defient experts in this space, but they also have deep roots in music and know how to champion the voices of creators.”
Defient is a Web3 incubator with experience across the music industry and the emerging NFT landscape. Founded by Grammy-nominated producer Sidney Swift, Defient was instrumental in developing a Web3 record label, ChillRx, which has generated over $1 million in volume since launching in February 2022.
In a statement about the collaboration, Swift said, “We’re proud to be working with Warner Chappell as they expand into the web3 community that Defient is already so ingrained in. Having started my career as a songwriter and producer, it’s exciting to join forces with a forward-thinking partner and work towards making it easier and more accessible for songwriters and artists to leverage web3 platforms. Together, we want to use technology to empower creatives and help them elevate their brands.”
Major labels have already made the leap into NFTs via dedicated Web3 imprints such as 10:22PM at Universal Music Group and Probably a Label at Warner Records UK. Publishers have taken a slower approach, but WCM is optimistic that blockchain technology will offer new opportunities for its songwriters. “This is a unique opportunity to shape the future of music publishing,” said WCM co-chair and CEO Guy Moot and co-chair and COO Carianne Marshall in a joint statement. “With Defient’s support, we’ll be able to unlock new avenues in web3 on behalf of our songwriters and find different ways for them to grow their legacies and engage with fans.”
Elon Musk said Friday (Nov. 25) that Twitter plans to relaunch its premium service that will offer different colored check marks to accounts next week, in a fresh move to revamp the service after a previous attempt backfired.
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It’s the latest change to the social media platform that the billionaire Tesla CEO bought last month for $44 billion, coming a day after Musk said he would grant “amnesty” for suspended accounts and causing yet more uncertainty for users.
Twitter previously suspended the premium service, which under Musk granted blue-check labels to anyone paying $8 a month, because of a wave of imposter accounts. Originally, the blue check was given to government entities, corporations, celebrities and journalists verified by the platform to prevent impersonation.
In the latest version, companies will get a gold check, governments will get a gray check, and individuals who pay for the service, whether or not they’re celebrities, will get a blue check, Musk said Friday.
“All verified accounts will be manually authenticated before check activates,” he said, adding it was “Painful, but necessary” and promising a “longer explanation” next week. He said the service was “tentatively launching” Dec. 2.
Twitter had put the revamped premium service on hold days after its launch earlier this month after accounts impersonated companies including pharmaceutical giant Eli Lilly & Co., Nintendo, Lockheed Martin, and even Musk’s own businesses Tesla and SpaceX, along with various professional sports and political figures.
It was just one change in the past two days. On Thursday, Musk said he would grant “amnesty” for suspended accounts, following the results of an online poll he conducted on whether accounts that have not “broken the law or engaged in egregious spam” should be reinstated.
The yes vote was 72%. Such online polls are anything but scientific and can easily be influenced by bots. Musk also used one before restoring former U.S. President Donald Trump’s account.
“The people have spoken. Amnesty begins next week. Vox Populi, Vox Dei,” Musk tweeted Thursday using a Latin phrase meaning “the voice of the people, the voice of God.”
The move is likely to put the company on a crash course with European regulators seeking to clamp down on harmful online content with tough new rules, which helped cement Europe’s reputation as the global leader in efforts to rein in the power of social media companies and other digital platforms.
Zach Meyers, senior research fellow at the Centre for European Reform think tank, said giving blanket amnesty based on an online poll is an “arbitrary approach” that’s “hard to reconcile with the Digital Services Act,” a new EU law that will start applying to the biggest online platforms by mid-2023.
The law is aimed at protecting internet users from illegal content and reducing the spread of harmful but legal content. It requires big social media platforms to be “diligent and objective” in enforcing restrictions, which must be spelled out clearly in the fine print for users when signing up, Meyers said.
Britain also is working on its own online safety law.
“Unless Musk quickly moves from a ‘move fast and break things’ approach to a more sober management style, he will be on a collision course with Brussels and London regulators,” Meyers said.
European Union officials took to social media to highlight their worries. The 27-nation bloc’s executive Commission published a report Thursday that found Twitter took longer to review hateful content and removed less of it this year compared with 2021.
The report was based on data collected over the spring — before Musk acquired Twitter — as part of an annual evaluation of online platforms’ compliance with the bloc’s voluntary code of conduct on disinformation. It found that Twitter assessed just over half of the notifications it received about illegal hate speech within 24 hours, down from 82% in 2021.
The numbers may yet worsen. Since taking over, Musk has l aid off half the company’s 7,500-person workforce along with an untold number of contractors responsible for content moderation. Many others have resigned, including the company’s head of trust and safety.
Recent layoffs at Twitter and results of the EU’s review “are a source of concern,” the bloc’s commissioner for justice, Didier Reynders tweeted Thursday evening after meeting with Twitter executives at the company’s European headquarters in Dublin.
In the meeting, Reynders said he “underlined that we expect Twitter to deliver on their voluntary commitments and comply with EU rules,” including the Digital Services Act and the bloc’s strict privacy regulations known as General Data Protection Regulation, or GDPR.
Vera Jourova, the European Commission’s vice president for values and transparency, tweeted Thursday evening that she was concerned about news reports that a “vast amount” of Twitter’s European staff were fired.
“If you want to effectively detect and take action against #disinformation & propaganda, this requires resources,” Jourova said. “Especially in the context of Russian disinformation warfare.”
Last year, a 17-YEAR-old artist from Houston named d4vd released “Romantic Homicide,” a track he had made using BandLab, the Singapore-based social music creation platform. “He recorded a song in his sister’s closet on his mobile phone with Apple earbuds, using a stock preset,” says CEO Meng Ru Kuok — stock presets being one of many things aspiring musicians can find on BandLab, which wants to make it possible for anyone with an idea, no matter their skill set, to create music.
“Romantic Homicide” became an example of that ideal: The brooding, guitar-hooked track caught fire on TikTok, and d4vd (pronounced “David”) signed to Interscope, with the song peaking at No. 45 on the Billboard Hot 100
“I was cheering him on,” Meng says of d4vd. “We’re so excited and rewarded when people move on to other places, whether they stay independent or get signed by major labels.”
BandLab, which was founded in 2015, doesn’t receive royalties from music made on its platform. Instead, the company makes money on artist services (which include distribution, livestreaming and BandLab Boost) that allow acts to turn their profiles or postings into ads on the platform to better reach the 50 million registered users BandLab has.
Meng, 34, has aggressively expanded BandLab’s assets, which are grouped under the holding company of Caldecott Music Group. Along with instrument manufacturing and sales (including Michigan-based Heritage Guitars and Asia’s largest musical instrument retailer, Swee Lee), Caldecott has editorial properties like Guitar.com, Uncut and NME. (BandLab acquired 49% of Rolling Stone in 2016 before selling it in 2019 to Penske Media, Billboard’s parent company.) In September, Billboard and BandLab launched the Bringing BandLab to Billboard portal to expose emerging artists to a global audience.
“On a day-to-day basis, it is not just geographically split, but also mentally in terms of all those areas,” Meng says.
In November 2021, BandLab announced the acquisition of independent artist platform ReverbNation from its parent company, eMinor. And in April, it announced it had raised $65 million in series B funding, bringing the valuation of the platform upwards of $300 million. BandLab envisions a different sort of future — shorter songs made by anyone, using presets or even artificial intelligence (AI) — with the idea that the more music that exists, the more need there is for its range of offerings, from equipment cases to advertising. Business, says Meng, is “gangbusters, in terms of focusing on product and improving the experiences that we bring out.”
Do you feel that d4vd’s success validated your business model?
Yeah, it’s extremely rewarding. We’ve seen stories like that happening thick and fast. Earlier this year, we had an amazing viral success with an incredibly talented young rapper. He was 13 when he started making music on BandLab. He’s 14 now. His name is Cl4pers. He has 1.2 billion views on his hashtag on TikTok alone. It’s not just the viral success but the incredible talent — like d4vd, like Cl4pers — that, prior to BandLab, wasn’t making music with the capabilities that their creativity would have afforded them. D4vd is now signed to Interscope Records and [its artist development/management joint venture] Darkroom and has changed his personal career and the life of his family. Millions of people around the world have listened to his song and have really connected with it. It’s truly special, and it just reminds us of what we’re doing every day, beyond just creating a great business that we’re excited about.
What are the numbers behind that growth at BandLab?
Our last public figure that we shared, we have over 50 million registered users around the world. More than 16, 17 million songs are being made a month on BandLab. I still feel like we’re a small platform getting started. We have 80 full-time staff, 140 if you include all team members around the world. That has grown relatively quickly, and we have a lot of hiring plans in place to expand even further in the next six to 12 months.
Do the creators get royalties?
Yeah, that goes to the artists. We don’t take a position on artists’ rights. There’s a big movement, obviously, toward independent creators being fully in control of what they own. That’s really important to us. We’re focused on empowering the artists. The music is their content. So they are generating their own royalties if they’re distributed by BandLab or ReverbNation or via TuneCore, CD Baby, DistroKid — that’s one way they can be generating money off their music. The artist gets 100%. That’s what we do.
You don’t take commission?
We don’t. Actually, we have a lot of creator economy features on BandLab. For example, someone can tip users on BandLab in their profiles. We allow users to subscribe to other users, similar to Patreon or OnlyFans. We have features where artists can sell their tracks and albums, similar to the iTunes Store or Bandcamp, for example, and the artist keeps 100%. We don’t take a commission from the artists’ earnings after processing fees; Stripe and PayPal are involved in that transaction. We as a platform don’t take a cut of the creator economy. We believe it’s very important the artists are able to monetize. Especially in the United States, you guys get taxed enough. They don’t need more taxes on top from a platform.
How do you make your cut?
We’re focused on empowering artists in creating, making that accessible and free, and truly democratizing music. What Apple did with GarageBand was obviously an incredible progression in democratizing music creation, but 80% of the world uses Android. To be able to afford an iPhone is already out of reach for many people around the world. We don’t believe that people’s creativity or their ability to make music or to express themselves should be limited by their spending power or their knowledge of how to write a song.
Where we make our money is actually in artist services. If you are spending to distribute your music to Spotify, Apple Music, if you are running a promotional campaign — things to help promote your music or develop your career as an artist — that’s where we charge. We have a subscription service that we’ve just announced. There’s our BandLab Boost membership. We also have ReverbNation services that come through membership and various a la carte services.
Your business also supplies royalty-free music packages?
We do provide royalty-free samples. One of our features is BandLab Sounds: We collaborate with artists, commission our own sample packs for people to use in their music-making. And those are provided royalty-free — loop samples, one shots, which are utilized by musicians all around the world to make music. We also have an AI feature called SongStarter, which helps people generate royalty-free song ideas to start off their songwriting process.
All the music on BandLab is original music and original content. We’re very strict and pro-rights owners because we’re trying to protect the creators and all rights holders. This is something that we take very seriously with regard to licensing. It’s about protecting rights holders both on platform and off platform.
Do you train your AI to mimic popular human artists?
No, we don’t.
In the United States, the presumption, based on the Copyright Office, is that only works by human authors can be copyrighted. Who will own the copyright to AI-created portions of songs?
Ownership of content that is developed further from our AI SongStarter tool is owned by the user.
Do you offer marketing services?
We provide a variety of services through BandLab but also through our ancillary services. We acquired ReverbNation last year, which allows you to run third-party advertising campaigns on sites like Billboard, NME and Rolling Stone. They can buy campaigns and centralize their music for promotion on Instagram, Facebook and to promote videos they release on YouTube, for example. We recently announced the beginning of the rollout of BandLab Boost, which allows users to promote, for a fee, their posts and their profile on the BandLab network.
Do you have relationships with the streaming services?
Absolutely. We’re not a [digital service provider]. We believe there are platforms out there that do their job incredibly well. We’re here to empower the music that has been created that ends up on these platforms. We obviously have commercial relationships, like our distribution relationships, but also where we can funnel exciting talent that blows up on their platform.
Whom do you see as a rival?
I’ve been asked that question a bunch. BandLab is creating a whole new category of platform. There are certain services out there that do similar things, but our whole perspective on the ecosystem is that music is collaborative. By nature, it’s not just about the tools — it’s about collaboration, it’s about different influences when people get together. Services need to collaborate as well. That’s where we work closely with other platforms that people outside may see as competitors. There are lots of ways a platform like BandLab can have relationships as a funnel to other services through affiliate partnerships. There are many businesses that have the full suite of tools that we have as BandLab, and it’s our core objective to work closely with all of them. If the music market grows and the creator market grows, everyone benefits.
How has the democratization of music creation that BandLab and other companies and applications have enabled changed music?
The barrier to making a hit is now fundamentally more accessible to anyone. You don’t have to have had a long education or engineering degree to do so. So much of this is being empowered by short-form video and changes in the music industry where a hit song is no longer three minutes long but 10 to 30 seconds — which is really scary and meaningful at the same time.
Almost five years ago, I wrote a column about how Bitcoin and Blockchain might change the music business. At the time, the question seemed more about how than if: An online merchandise store had just started accepting cryptocurrency, several entrepreneurs had founded startups to use blockchain technology to pay rights holders, and entrepreneur and then-Dot Blockchain CEO Benji Rogers predicted that “Blockchain technology is coming like a tsunami.”
I was skeptical. I called Blockchain “a solution looking for a problem” and pointed out that the only person I knew who had bought anything with Bitcoin was a former neighbor in Berlin who had purchased LSD online. At that time, Bitcoin was worth $11,631 and the Dow Jones average was 25,803.
As Bitcoin shot up — to a November 2021 high of more than $56,000 — more artists and music executives became certain that cryptocurrency and Blockchain technology would change everything. Artists sold NFTs — as did Billboard — and in February Coachella sold $1.4 million of NFTs, including 10 lifetime passes to the annual festival.
Now the cryptocurrency exchange FTX is in bankruptcy, Bitcoin is down to $16,099, and the U.S. will almost certainly regulate cryptocurrency “banks” and exchanges. In economic terms, that means cryptocurrency companies might have to compete on an even playing field with traditional finance entities, which would reduce risk for consumers but eliminate some of the advantage that startups get from making their own rules. In non-economic terms, Mom and Dad are home, they’re pissed, and they’re not going to let you run your business unless you can wear your big-boy pants!
So, what about that tsunami? It has been a busy five years for the music industry: recorded music boomed, major financial players invested in publishing catalogs, two of the three major labels went public, Latin music gained a bigger global audience, and TikTok emerged as a transformative source of promotion. Blockchain and Bitcoin barely changed the industry at all, though. A few artists made an insane amount of money on NFTs and a bunch of companies announced plans to fundamentally disrupt disruption itself. But Bitcoin is still an inefficient means of exchange and a poor store of value — at best it’s a high-yield, high-risk investment — and Blockchain is still a solution in search of a problem.
A little more than a year after my column, Benji Rogers, he of the tsunami prediction, left Dot Blockchain, which in September 2019 rebranded as Verifi Media. The company still helps rights holders track ownership and use data, but it doesn’t emphasize Blockchain technology on its website. (Emails to the Verifi publicity contact came back as undeliverable.) That makes sense: The big problem with rights data has always been that it’s incorrect or incomplete. Blockchain is a distributed database that allows users to track changes, but it can’t fix incorrect or missing information.
Five years ago, the startup Choon had a plan to track music use with Blockchain and pay rights holders immediately with a digital currency called Notes. It went out of business in 2019, as Notes fell in value along with Bitcoin. The following year, Choon co-founder Bjorn Niclas launched Rocki amid the pandemic and exchanged outstanding Notes for Rocki tokens at a 50:1 ratio. (The company also lets independent musicians sell NFTs.) Since then, “Rocks” tokens have gone from being worth about 5 cents each, up to an April 2021 high of $5.45 — it peaked when Bitcoin did — and down to about a penny. That sounds exciting, and potentially profitable, but I suspect most artists prefer to get paid in currency that holds its value.
Bitcoin and NFTs aren’t going anywhere — some investors see the “crypto winter” as a buying opportunity, while others just want to HODL. (Art NFTs are performing better than most.) But the collapse of FTX will inspire investors, and hopefully government agencies, to ask more questions about whether celebrities who buy and sell NFTs are being transparent enough about their transactions — especially since the fans they influence may buy into investments in a way that help those who already own them.
Like many online technologies, Blockchain and Bitcoin offered a utopian dream of decentralization, free from government regulation and control. When it comes to finance, however, government regulation isn’t a bug, to use the technology phrase — it’s a feature. Just ask anyone who had money with FTX, which wasn’t insured by the Federal Deposit Insurance Corporation (FDIC) the way U.S. banks are. Among the assets stuck in the exchange are the Coachella Keys that offer holders access to the festival.
Coachella told Billboard that it’s confident it will handle this issue. But it’s hard not to wonder if there wasn’t an easier way to do this — say, passes with QR codes, or maybe even just spots in a database that could be sold with the cooperation of the event promoter. Blockchain is essentially a distributed database that can operate at internet scale, and it’s easy to see how exciting that is. It’s just still hard to see what use the music business might have for it.
Imagine a platform where fans can buy and sell streaming rights from the music they love, as easily as buying a stock on an investing site like Robinhood. This is the vision of Web3 music platform Royal, which today announces a music rights marketplace.
Founded by DJ and producer Justin Blau, Royal launched in January 2022 with high-profile NFT drops from Nas, Diplo and The Chainsmokers. The platform allows fans and investors to earn a percentage of streaming royalties alongside the artists. Thus far, the platform says it has paid out $100,000 to holders.
After proving the concept works, Blau says Royal is growing into its bigger vision. “The drops were very much a beta,” he tells Billboard. “We needed to show that you could actually pay out royalties in an efficient manner on chain … The next piece is the tradability of these assets.”
Royal’s marketplace allows fans to buy and sell music rights directly on the website. It includes a ‘portfolio’ where fans can manage their collection, track the performance of their assets and connect to a bank account. Since the beginning, Royal has worked to hide the crypto technology that underpins the platform, and that same Web2.5 philosophy applies to the new marketplace.
“You can buy and sell these things and never see crypto if you don’t want to,” Blau says.
Royal sees music as a rapidly growing asset class with global music revenues hitting $26 billion in 2021, according to IFPI. And while streaming accounts for 65% of recorded music revenue — also via IFPI — most of the value is locked up in legacy music companies and investment firms. “The private markets have controlled all the value in music rights,” says Blau. “It’s not moving between artists and fans, it’s moving between institutions.”
The concept of Royal’s marketplace is to unlock some of that value and let fans participate.
“If you’re a fan and you own a piece of a song and it comes on the radio, there’s something really special about saying you own that.”
Hanging over this announcement, however, is a lawsuit served to Blau over an $11 million NFT auction connected to his Ultraviolet album in 2021. Songwriter Luna Aura — who says she owns a 50% royalty share in one of the tracks on the album — claims she was not adequately compensated from the NFT sale.
Blau could not offer further comment on the details of the lawsuit, but did say the experience of releasing the Ultraviolet NFT and navigating IP laws with 21 other artists informed how they built Royal.
In the coming weeks, the platform will also host more than a dozen new drops from independent artists, starting today with Bingo Players & Zookëper and their new single “Bathroom Line,” followed by “I’ll Wait” by Madison Ryann Ward, as well as music from Yemi Alade, 27Delly and Matt Cooper.
Jimmy Fallon is not dead, and Jimmy Fallon wants people to know that.
A scurrilous hashtag, #RIPJimmyFallon, has been trending on Twitter Tuesday night (Nov. 15) and The Tonight Show host has had enough, calling on the company’s CEO Elon Musk personally to take down the hashtag.
Earlier on Tuesday, the more mischief-making element on Twitter launched #RIPJimmyFallon, with users posting the hashtag often with a picture of someone other than Fallon.
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Twitter users, particularly those abroad, who weren’t in on the supposed joke were shocked and confused. One Korean user tweeted, “This came up as a hashtag, so I was taken aback. Really. Oh, it’s funny. Because Melon Musk fired all the people in the information confirmation department, now fake news can hit the market, so this hashtag. Oh, it’s funny real #RIPJimmyFallon.”
Perturbed, Fallon tweeted, “Elon, can you fix this? #RIPJimmyFallon.” Musk, who has taken a highly personal approach to content moderation since he took over Twitter, has yet to respond to Fallon’s plea.
Twitter’s current chaos has seen an uptick in disinformation on the platform, a situation compounded by Musk firing a significant number of people involved with content moderation and dealing with fake accounts and fake news.
Last Thursday, an account using the name and logo of the pharmaceutical giant Eli Lilly and Co. and carrying a blue “verified” checkmark tweeted, “We are excited to announce insulin is free now.” The fake tweet led to the pharma company’s stock dropping from $368 a share to $346 a share, which reportedly erased billions in market cap.
This article originally appeared in THR.com.
The crypto world was rocked last week by the stunning implosion of FTX — the second-largest cryptocurrency exchange. Though the ripple effect across the industry is still playing out, Coachella appears to be caught up in the collateral damage.
The festival partnered with FTX.US to sell $1.5 million worth of NFTs back in February, a couple of months before the Southern California event’s first staging since the pandemic. The collection included 10 NFT “Coachella Keys,” which granted lifetime access to the festival and VIP perks such as luxury experiences and exclusive merchandise. Many of those NFTs now appear to be stuck and inaccessible on the defunct exchange.
“Like many of you, we have been watching this news unfold online over the past few days and are shocked by the outcome,” said a Coachella staff member on the festival’s Discord server. “We do not currently have any lines of communication with the FTX team. We have assembled an internal team to come up with solutions based on the tools we have access to. Our priority is getting Coachella NFTs off of FTX, which appears to be disabled at the moment.”
Coachella did not immediately respond to requests for further information.
FTX filed for Chapter 11 bankruptcy on Friday citing a “severe liquidity crisis,” after depositors rushed to withdraw more than $6 billion in 72 hours. It is alleged that FTX and its founder Sam Bankman-Fried commingled customer deposits with its sister trading firm Alameda Research, resulting in a multi-billion dollar hole in the exchange’s balance sheet. When customers rushed to withdraw their funds, it became clear that FTX was insolvent.
The knock-on effects have been disastrous, with billions of dollars locked up and little prospect of recovery. Among those assets are several NFTs released through the FTX platform, including NFTs from Coachella and Tomorrowland.
One collector told Billboard he was able to withdraw his Coachella Key to his own wallet just days before FTX went bankrupt, but many others have not been so lucky. Anyone who kept their NFT on the FTX platform currently has no access to them.
Although few in the Web3 industry predicted a crisis on this scale, many crypto advocates have long argued that NFTs and cryptocurrencies should not be stored or held by centralized platforms such as FTX. The last update from the Coachella team — issued on Saturday (November 12) — advised users against interacting with any FTX product and recommended they sign out of all FTX accounts.
Santigold has launched a new community fan club powered by Web3, allowing her to connect directly with fans and offer exclusive content and experiences. It follows a tour cancellation in September where she told fans, “I have tried and tried, looked at what it would take from every angle, and I simply don’t have it.”
The difficult touring conditions has many artists looking for an alternative in Web3. Digital communities, unlocked through NFT access, are becoming increasingly popular for musicians seeking a deeper connection with their fans.
“I am excited about Web3 as an opportunity for artists to interact with our audiences in more honest, intimate and creative ways, while exploring new art mediums and technologies,” says Santigold. “I’m also looking forward to using this space to innovate ways to control the release of our art on our own terms.”
After claiming a free NFT pass, fans will have access to a hub of exclusive content including a sneak peak at Santigold’s upcoming music video. Fans can also submit questions for her new podcast and vote on merchandise designs.
Santigold’s ‘Fan Club’ is powered by Web3 tech company Medallion which already hosts personalized fan clubs for Tycho, Sigur Ros and Jungle. The tech is customizable so it can be integrated into an artist’s existing website and aesthetic. The onboarding process for fans is free and seamless — an example of Web 2.5 whereby the complicated crypto technology is disguised with simple and familiar interfaces.
Medallion Logo
Courtesy Photo
British band Jungle launched their Medallion fan club in September and has already used it to launch hyper-localized campaigns to support their touring activity. For example, the band onboarded 500 local fans in Mexico City ahead of a headline show. “The Jungle Fan Club has allowed us to connect with fans directly in a digital space that feels communal, interactive and collaborative,” says Jungle. “Medallion’s technology has built solutions for ideas we’ve had for years, but have never had the tools to make practical.”
Since launching, Medallion has onboarded 20,000 users to Tycho, Sigur Ros and Jungle’s communities — 95% of those had never touched crypto before. Within 24 hours of launching his Web3 fan club, Tycho tripled the number of fans in his Discord community.
“Medallion’s technology has been built with a singular goal of helping artists create more meaningful connections with their fans, both on and off the road,” says Medallion president Derek Davies. “And with the hardships facing touring artists since the onset of the pandemic, the invaluable importance for community in digital spaces has become clearer than ever.”
Web3 fan clubs are not a new phenomenon. Steve Aoki launched the Aokiverse in 2021 which offers fans token-gated access to VIP tickets and free NFT airdrops. Hard rock band Avenged Sevenfold launched the Deathbats Club which gives fans unlimited meet and greet access for life. Meanwhile, alt-rockers Portugal. The Man launched a Web3 fan club complete with its own social token $PTM.
The trend is accelerating, however, especially as new platforms are developed to create a simple, custom experience. The harsh realities of touring in a post-COVID world, coupled with the pressure to create ‘content’ for a mass audience on social media, means that digital communities could become an increasingly important way to engage with super fans.
Last year, Milana Rabkin Lewis, co-founder and CEO of the distribution company and payment platform Stem, was among those who read a series of frustrated tweets from the rapper Meek Mill. “I haven’t got paid from music, and I don’t know how much labels make off of me!” Mill wrote in a since-deleted thread. “How much have you spent on me as an artist? How much have you made off me as an artist?”
“Why can’t he know that?” Rabkin Lewis asks. The problem has frustrated her since she was an agent at United Talent Agency and saw “just how messy the whole process” of royalty accounting was. “We were working with major artists who realized they had no visibility into when they were going to get paid and how unrecouped they were,” she recalls.
Part of the reason she started Stem in 2015 was to provide artists with more transparency. Now Stem is debuting Royalty Services, which aims to distill labyrinthine Excel spreadsheets into digestible dashboards and will be available to labels outside of Stem’s distribution network. (Some of the major labels also have their own version of a dashboard, though managers say they can be tough to navigate.) Users can view summaries of overall costs, earnings and recoupment status. They can drill down into more granular data — to determine which streaming platform or track is generating the most money, for example — with a click. And the process of linking bank accounts and sending money to partners is straightforward.
“It’s easy to see which song is doing the most each month on which platform, how much you’re making, when you will recoup,” Rabkin Lewis says. Stem’s chief product officer Brendan Kao calls the new dashboard “the next step in our mission to improve financial clarity for the entire music industry” for both labels and artists.
Royalty accounting has been a source of artist frustration for about as long as there has been a music industry. “The mystique of the music business is that, though profits are huge, accounting is incomprehensible,” CBS boss Walter Yetnikoff wrote in his memoir. Another company hoping to inject more transparency into an industry known for opacity is CreateSafe, which made a Record Deal Simulator freely available online so artists can input their advance, recording and marketing costs and get a rough estimate of how many streams they need to generate to recoup their deal.
If anything, royalty accounting has only become more complicated in today’s digital environment. Artists often release more music with more partners than in the past and work with more producers. And revenue comes from multiple streaming services as well as platforms like TikTok and Twitch. “We’re also seeing this trend of the admin and the responsibility of paying people out going more downstream,” Rabkin Lewis adds. “Motown pays out Quality Control, for example, but there are so many layers of people that need to get paid after that,” from artists to producers to engineers, and “often the people downstream from the major have no software.”
Quality Control has also started using Stem’s technology, as has Fool’s Gold. Rabkin Lewis says she hopes to have 50 clients by the middle of 2023. “Stem’s software makes royalty data easy to read to the point that I actually want to log in myself to look at trends,” Quality Control co-founder Kevin “Coach K” Lee said in a statement. “With any other solution, I would wait for my team to generate a report and then wait again while they pull the important details out of a massive spreadsheet.”
Justin Blau, best known as the DJ-producer 3LAU, is the founder of Blume Music, another label that quickly signed on to use Royalty Services. “We used to hire an accounting firm,” Blaus says. “We’d send them everything, they’d send paperwork back, and then we’d send payments manually to each rightsholder.” This system was “inefficient,” Blau continues, to the point that it was “just obnoxious.”
He was quick to sign up for Stem’s new product: “A lot of artists have been waiting for this.”