"Grammy Award-winning musician, composer, and producer Wyclef Jean says the music industry is broken, which is why he's now involved with a startup, OpenWav, that's looking to give the power back to the artists. Through the OpenWav app, launched over the summer, artists can drop new music and exclusives, connect directly with fans, sell merch, host concerts, pop-ups, and listening parties, and more. Later, the startup plans to offer more assistance to artists using AI tools."
"Jean pointed to Cardi B as a recent example of the problem, saying that while people probably thought it was funny that she was on the street selling CDs and vinyl albums (which she did in a TikTok promoting her album), what she was really doing was showing how bad things have become for artists."
"To put things in perspective, OpenWav co-founder and CEO Jaeson Ma, who spoke alongside Jean at the event, said that, "Right now on Spotify...for $3,000 you have to hit 1 million streams.""
A Grammy Award-winning musician joined OpenWav as Chief Creative Officer to address financial and control problems in the music industry. OpenWav launched an app over the summer that lets artists drop new music and exclusives, connect directly with fans, sell merchandise, and host concerts, pop-ups, and listening parties. The startup plans to add AI tools to further assist artists. Current streaming economics require massive streaming counts for modest payouts, prompting direct-to-fan efforts to return revenue and control to creators and counter algorithms that do not reward music appropriately.
Read at TechCrunch
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