With the pandemic, artists have felt live revenue come to a screeching halt, with catastrophic impact on their income, and on the whole, major streaming providers have done little to protect artists’.
But, these concerns are certainly not new. A 2017 study laid bare vast inequalities present in Spotify’s pro-rata model, insofar as the top 0.4% of artists could gain as much as 10% of all revenue. These are worries echoed by the #BrokenRecord campaign, which successfully pushed for an inquiry into whether musicians are benefiting from the economics of music streaming.
Enter, Trackd.
Trackd is the new kid on the highly-competitive block, and the brainchild of Russell and Justin Sheffield, heirs to Trident Studios, London – the same Trident Studios that attracted Queen, The Beatles and The Rolling Stones. Trackd is, therefore, a service with some prestige. Alongside its streaming capability, the service holds an impressive set of creative tools, and nurtures collaboration between artists by allowing users to remix one another’s songs.
Most remarkable about Trackd however, is its ‘ChipIn’ supporter platform. Users can receive one-off or regular payments from their supporters, the only deduction being an administrative fee. While, on a surface-level, this may share similarities with Spotify’s ‘tip jar’, Trackd is a free-to-use service, one which does not utilise Spotify’s subscription-based pro-rata system – the thing that has drawn so much criticism.
Trackd therefore appears to promote an “Artist Centric” approach, similar to that of Bandcamp, which adopts a relatively direct method of payment to artists, breaking down the barriers between artist and fan. Some may raise eyebrows at this system due to its dependence on the altruism of listeners. However, experience tells us the generosity of music fans should never be underestimated.
Now, more than ever, artists need to be guaranteed adequate payment for their work and more direct systems of payment. This may be a viable alternative to the perceived failures of pro-rata streaming services. But, is there room for a new player within a streaming industry steamrolling towards saturation? I would say so.
Calls for artists and fans to have a closer connection have echoed throughout the music industry in recent years. Thom Yorke, referred to Spotify as “gatekeepers” in 2013, stating they undermine an important, direct connection between the musician and listener.
The positive effects of this connection has already been felt by some artists on Bandcamp, where artists have found themselves making significantly more money from their model. It’s clear there’s a hunger for artist centric services, and, while this may have been partially satiated by Bandcamp, Trackd sets itself apart through a commitment to not taking a revenue share (compared to Bandcamp’s revenue share of 10-15%).
Whether Trackd will be a success or not is, of course, not a question that can be answered so early in its life. However, you only need to look at Bandcamp’s success to see there is a market this type of streaming platform, and Trackd is one with potential. Tridents desire to improve the outcomes of music streaming for artists should be exciting to any fan of music and, personally, I can’t wait to see how it develops.
