- Backed by Eurythmics Dave Stewart, Trackd will deliver up to 85% of revenues direct to artists
- Breakthrough shift in revenue model, based on fan subscriptions and discovery function
- Pandemic forced a change of business model after gigs ruled out
LONDON: 3rd August 2021: Music Company Trackd believes it has found the key to allowing artists to break the stranglehold of the streaming platforms and get a fair reward for their work by introducing a subscription-based “fan” feature to the platform. The new service combines the discovery and player functions of the likes of Spotify with a creator subscription model akin to Patreon, allowing fans to support artists directly and enable them to monetise their music. With gigs and merchandise sales ruled out for 18 months and revenues from streaming players at an all-time low, Trackd’s new approach will, according to founder Russell Sheffield, be a model for a more sustainable music industry.
Using the fan features, artists can post music onto their profiles, then decide which content is free to listen to and which is for subscribers only. In order to access the locked content, fans pay a small monthly fee to the artist who then receives up to 85% of the revenue, while Trackd covers all the remaining costs. Fans have the choice to make a one-off payment for one time “busker’s hat” access to content, known as ChipIn or a monthly ChipIn+ for subscriptions as an ongoing service.
Unlike Spotify etc, which typically pays artists around $0.004 per stream months later; therefore requiring millions of streams just to reach a minimum wage, artists using Trackd can typically make a much higher income with just a couple of hundred subscribers and they get their money in 72hours,” said Sheffield.”
And Russell Sheffield is no stranger to the music industry. His father Norman co-founded Trident Studios where a string of recording greats such as: The Beatles, Queen, Elton John and David Bowie created great music. It was at the famous Soho studios that the Beatles recorded “Hey Jude.” Early adopters of the Trackd platform include Blossoms, Jamie Catto from Faithless and Dave Stewart of Eurythmics fame who is also a lead investor in the business. Russell added, “We are music people from the music business. We set out to create a platform that gives the power back to the artists that make up our industry. Trackd gives them the opportunity to create great content within a platform that is specifically designed to give a rich user experience for music creators and listeners alike.
“Unlike more traditional music subscription-based services Trackd is designed to create a positive ad-free listening experience. The My Collection feature allows fans to view the artists they follow, subscribe and listen to, whilst Feed is where new artists can be found. In this way we give users easy access to great music whilst protecting the artist’s earnings.”
The built-in discovery function lets fans explore an extensive free library and uncover new artists and music. Trackd’s free radio uses AI to guide listeners on their discovery journey by suggesting new music wherever they are, via the web or app. The user experience is further enriched by adding creative visual and engaging features such as Virtual Vinyl spinning shareable discs, album cover art, lyrics and the ability to interact directly with the artists via chat, creating an immersive music experience.
The inbuilt creator tool is designed for artists and fans to collaborate and have the interactive experience of remixing, adding, singing along with their favourite artists. Trackd has built on the interactive tools used by social media platforms like Instagram and TikTok, allowing fans to comment and direct message artists. Fans are now able to have more meaningful and direct communication with their favourite music makers and artists.
Trackd, the award-winning app, established itself as an iOS app for musicians to record, collaborate and share ideas. Five years on, Trackd has been downloaded in over 160 countries and the launch of their new fan function and web platform is set to expand on their success. Complete with inbuilt 8-track recording and collaboration tools, Trackd is the only end to end platform on the market that enables artists to make music and money all in one place.
Head of artist relations for Trackd, Grant Tilbury-Jaiswal said: “Introducing our dedicated music only creator subscription model dramatically shifts the mechanics of the industry. The pandemic highlighted the need for additional sources on income for artists. We believe this shift to put artists back in control will continue, even after things get back to normal.”
Dave Stewart concluded: “By creating bespoke content that fans want to hear within a platform that is designed with their needs in mind, artists are able to mobilise their fan base to build a career in the business. Trackd is on course to revolutionise an industry that has neglected its most important asset, the artists themselves.”