The coronavirus pandemic has left many people without income and without the opportunity to work, as is the case with artists and musicians. Despite the small number that manage to monetize their music on traditional streaming channels, many others, smaller and lesser known, are looking for a way to make more money on alternative platforms.
in 2021, the global music industry grew by 7.4% driven by the streaming business model. On the other hand, major streaming platforms are increasingly being criticized for their monetization model. The new platform model is aimed at monetizing musicians from different segments.
The recently launched ZoOme, for example, has seen a 15% daily increase in account opening requests over the past few months. Among the platform’s differences from traditional Spotify and Deezer is the monetization model, which is considered fairer for channels and allows you to earn rewards up to 50 times higher than those offered by other streaming services.
The income from these broadcasts is generated only by the streams of premium users who pay to use the application. Spotify currently has over 380 million active subscribers worldwide, with 160 million using the free version. Criticism of the monetization model offered by streaming platforms began several years ago and has focused even more on the recent economic crisis.
On ZoOme, an artist can earn between 30% and 50% of the ad revenue that will be shown on their personal channel. At the same time, the artist has autonomy in choosing advertisers and setting prices for advertising. And this process is by no means limited to monetization. This business model is basically an innovation in the music streaming market and attracts more and more independent artists every day.
The idea is to offer all services to those who want to create content and have the Internet as a suitable source of income. That is, allowing an artist to post different types of content such as videos, posts, stories, live streams and video broadcasts, all in one space and still be able to determine whether to charge for each content and what the price will be.
On the user side, people also only pay for what they use, unlike other platforms that charge people a monthly fee. In doing so, they can choose which artists they want to appreciate and help. Thus, it would also be beneficial for independent artists who are just starting their careers and therefore do not yet have million-dollar contracts. With a micropayment, the user not only pays less, but also appreciates the artist, since the investment paid goes directly to him.
In this way, the new business model cuts through the Gordian knot of problems and conflicts of interests that have gradually accumulated between independent artists and leading music streaming services over the past years. By the way, this confrontation has repeatedly become the property of the media, which stated that there is indeed a fierce confrontation between independent artists and music streaming services in the struggle for royalties.