The Chainsmokers’ latest album “So Far So Good” will be released today, and that’s not even the most exciting part of the announcement. This album will drop on Royal, an open market for true ownership of music. This means, for the first time ever, you and I can earn music royalties alongside The Chainsmokers!
The Chainsmokers royalty giveaway
The music industry has long been a top-heavy industry. Conventionally, music ownership has been limited to labels and private equity groups. Ultimately, only around 12% of the music revenue goes to the artists. This leaves little for the many songwriters in the field.
In a partnership with Web3 music investment platform Royal, The Chainsmokers are setting out to change this industry practice. They will be the first major label artists to share royalties for an entire album for free. Basically, their cut of all secondary sales will go to every songwriter on the album. In addition, they will release 5,000 NFTs where holders will share 1% of streaming royalty.
Besides having partial ownership, holders of The Chainsmokers NFTs will gain access to exclusive content and other benefits. For instance, Gold Tier NFT holders will get 0.0002% of streaming royalties. They will then gain access to a holders-only Discord channel hosted by the duo themselves. They will also get 2 VIP tickets to select headlining Chainsmokers’ shows, which include a meet-and-greet opportunity.
At the moment, 4,000 of the 5,000 tokens are reserved for the VIP list, with 700 for the public. The remaining 300 tokens will be for their friends, family, and fans. On 13 May 2022, the VIP mint will start at 6PM ET, while the rest will gain access at 8PM ET.