A fter a 10-year hiatus from making music to focus on graduating Harvard University, Swizz is still passionate about music as he is about pioneering the art scene. With his ‘No Commission’ movement in favor of artist getting 100% of their royalties involved in the buying and selling of art, Swizz has re-focused back into the music scene in which he originated from with singles featuring Young Thug, Lil Wayne, French Montana, Nas and Giggs, the New York legend is calling on music streaming platforms to cut all musicians a new deal.
In a Market Watch interview, Swizz explained that he felt like creatives in the space where music streaming platforms are announcing billion dollar profits and worth, should granting a better and specifically a 50/50 split with content owners. Explaining that his dependency is no longer on music, but for the love of the music he’s still banging out hits, the super producer/rapper insist that the monetization of music has to evolve, hence the rise of streaming services and the increase content on platforms worldwide.
For example, Spotify one of the biggest and most popular streaming platforms have been known to have the smallest payouts when come to artist. Their, $0.007 per stream payout is one of the industry’s worst despite boasting a premium subscribers with a reach of 96 million, up 36% year-over-year. But yet, a $1.5 billion Q4 revenue does not seem to make a dent when paying out artist plus another, Ad-supported revenue rose 34% to $199 million. While streaming entirely is a big topic Spotify’s total revenue is estimated to reach some $7.2-$7.7 billion in 2019. So the argument of paying content holders better or more appropriately a 50/50 split is definitely up for discussion among the other streamers who seem to go under the radar as far as it comes to paying content owners.
While streaming is still new and technology develop and evolve for a better user experience I’m assuming by the end of 2019 content owners should keep up and continue the good fight for much is at stake within the industry as companies develop new ways of how to license artist content.