Bolero Music’s blockchain-based strategy provides listeners with a copy of the master recording in exchange for their financial investment in the artist’s work.
The launch of Bolero’s “Song Share” platform for musicians has given the company’s founders hope that Web3 music has a lasting future.
The business plan of the French company allows listeners to become “micro-owners” of an artist’s music and share in a portion of the earnings.
Rilès’s “Brothers,” a platinum single from 2016, was the standout of this first release. Bolero CEO William Bailey revealed to Decrypt that the company earned money through “streaming, downloads, and views on his music video on YouTube and other video platforms” between February 1 and April 30. Over a year, this produced a return of 9.2 percent.
William Bailey, co-founder and CEO of Bolero, spoke with Decrypt’s Dan Roberts at NFT Paris about the company’s history and current state, the future of music NFTs, and the potential impact of Web3 on the music business as a whole.
According to Bailey, the event proved the viability of putting money into previously released music, which in turn created fresh prospects for artists’ back catalogues.
French techno DJ and producer Agoria was another pivotal figure in the “Song Shares” rollout. He wrote a new song for the occasion, making it a special application. Taking advantage of his dual function as a digital artist and creator, Agoria gave all of the earnings from his NFTs to their respective collectors.
The standard percentage split for songwriting credits is between 5 and 15 percent. Bailey is now certain that this strategy will be successful.
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