Amplify’s Partnership with Hedera Brings Web3 Benefits to 100,000 Artists and their Fans
Here at Amplify, we’ve always sought to be an all-in-one platform at the forefront of a new music economy that creates sustainable income opportunities for artists. We’re now taking our mission to the next level – by bringing our 100,000 artists and their millions of fans to Hedera, as we transition from Web2 to Web3 and continue our mission to redefine the music economy.
We’ve always believed that the value in the music industry – whether it’s income or recognition – should go to those who have worked hard for it: the artists, their teams and the superfans. This strategic decision to evolve into a Web3 platform – with Hedera‘s assistance – is an extension of that belief, and a clear path forward. Here’s what you can expect from Amplify’s next chapter.
Superfan Engagement with Token-Gated Experiences
By leveraging Web3 and AI technology, we’ll help artists identify and connect with their top fans through exclusive, token-gated experiences. These will, in turn, enhance the value of fan interactions and artist revenue.
Gamified Music Platform
We’ll be introducing a gamified music platform that will make fan interactions more interactive and rewarding. This will be an excellent way for your fans to connect with one another, fostering an unparalleled sense of community and support.
Amplify Distribution offers advanced music distribution capabilities, allowing artists to reach a broader audience and maximise their market presence. Not only that, our distribution service is one of the most competitive in the market in terms of pricing.
Create your own Scene
Both fans and artists will be able to create and engage in communities based on shared tastes, all powered by a dynamic Web3 token economy.
Comprehensive Fan CRM
The platform will also include a robust fan relationship management system. This handy tool will enable artists to manage and grow their fan base through an all-in-one effective platform, which will also help them create hyper-personalised engagement strategies.
Merchandise and Sales Integration
We understand how important merchandise is when it comes to helping artists earn a sustainable income. Therefore, our new-and-improved platform will integrate both physical and digital music sales, along with merchandise options, providing artists with diverse and direct revenue streams.
Why did we choose to partner with Hedera?
At the heart of Amplify’s mission is the fact that sustainable income and financial security within the music industry are only accessible to a small percentage of artists. Music streaming only provides a living wage for the top 5% of artists. What’s more, touring revenue can be feast or famine due to countless variables – many of which are beyond the artist’s control.
But there’s a silver lining to all of this. According to Universal Music Group, connecting artists and ‘superfans’ represent a $4.2 billion “total addressable market that is currently untapped.”
A superfan is defined as a music listener aged 13 and over who engages with an artist and their content in various ways – from streaming to social media to purchasing physical music or merch goods to attending live shows.
According to the 100 true fan theory: “A creator can cultivate a large, free audience on horizontal social platforms or through an email list. He or she can then convert some of those users to patrons and subscribers. The creator can then leverage some of those buyers to higher-value purchases, such as extra content, exclusive access, or direct interaction with the creator.”
We wholeheartedly believe that by finding and leveraging superfans, more artists will have access to a sustainable, long-term income. To achieve this goal, we needed a partner as passionate about our mission as we are.
Enter Hedera. Hedera is an open source, decentralised proof-of-stake network that offers a unique alternative to traditional blockchain networks. The team who created the Hedera network designed it specifically to solve the problems associated with traditional blockchain networks. They also built the network to be strong enough to support real world applications, including supporting cultural initiatives, financial services and DeFi, and payment via central bank digital currencies.
With Hedera’s help, we’re able to build the tools to find these superfans and make connections. Furthermore, through our platform, artists will be able to directly monetise these previously inaccessible funds, creating a win-win situation for musicians, fans and the network.
One of the reasons why we chose Hedera is that users can set a custom royalty fee honoured for all secondary sales when minting an NFT on the network. Furthermore, the ability to set a nominal fee that’s charged when an NFT is transferred without any exchanged value is also a critical element of our vision.
The Hedera ecosystem
Additionally, we also get access to Hedera’s ecosystem and partners – including Mynt and Calaxy. Mynt is a community of artists and tastemakers with a mission to create new and sustainable revenue streams for musicians, powered by Web3 technology.
“The team at Mynt are excited to be a partner of Amplify and welcome their team into the Hedera ecosystem. We share their mission for artists to be able to engage and reward their 100 true Super Fans,” commented co-founders George Worsey and Adam Smith.
Calaxy is an open marketplace that goes beyond traditional social media platforms by creating an all-in-one destination for creators, artists and their fans for social interactions and content creation. Like Amplify, one of Calaxy’s goals is to create a sustainable source of revenue for creators and artists.
“The Calaxy team is a proud partner of Amplify and couldn’t be more excited to play a small role in Amplify’s commitment to getting creators paid by providing an evolved wallet solution that infinitely expands the possibilities of creator-fan relationships,” said Solo Ceesay, Calaxy’s CEO.
Welcome to Amplify’s next chapter
The ‘Access All Areas’ Genesis NFT collection mints on December 7th and consists of 250 Genesis AAA Artist Passes ($50) and 1,000 Genesis AAA Fan Passes ($30).
These Passes will give holders exclusive access to a range of benefits, including but not limited to:
- VIP Access To All Events
- Staking Preferences
- Preferential Access To Artist NFT Collections
- Artist Meet And Greets
- Amplify Merch Access
So, if you’re interested in being part of this exciting community, we encourage you to go and get your pass here, and start benefiting from all that we have in store for you in 2024.