Welcome back to another insightful episode of EYL! In today’s episode, our hosts Rashad Bilal and Troy Millings sit down with the innovative music distribution expert, Mag Rodriguez. As the driving force behind a groundbreaking platform that promises to revolutionize how artists reach their fans and monetize their music, Mag shares invaluable insights on the present and future of the music industry.
In this episode, Mag reveals that his platform currently has 10,000 artists onboarded, with an impressive waitlist of over 40,000 aspiring musicians. This incredible demand speaks volumes about the platform’s potential and the value it offers to artists. But how do they manage to selectively onboard artists and ensure their success? Mag breaks down their meticulous KYC process which involves collaboration with major distribution partners and a direct onboarding process through Stripe, taking four to six weeks.
One of the primary goals of Mag’s platform is to empower artists to make their first $1,000 going direct to the consumer. Initially targeting 50,000 artists this year, Mag projects that by Q3, over a million artists could join the platform, thanks to an accelerated growth rate. The company emphasizes a “crawl, walk, run” approach, ensuring that they have robust infrastructure in place to truly support and sustain artists’ careers rather than just pushing for volume.
And the best part? The platform is entirely free for both artists and fans. However, this raises questions about the platform’s long-term goals. Is it heading towards an IPO or an acquisition? Mag’s priority is to build something sustainable with an intentional focus on bringing real value to artists, rather than chasing a quick flip. He envisions the platform as a potential unicorn, aiming to increase the global music industry’s revenue by 15-20% in the next two years.
Additionally, Mag talks about the versatility of the platform, which accommodates various pricing tiers for fans, including exclusive offerings like virtual release parties, merchandise, and even personal performances. This flexibility allows legacy artists to monetize their loyal fan bases more effectively than through traditional streaming, which often doesn’t equate to substantial earnings.
If you’ve ever wondered how your favorite artists could potentially make more money from their music and engage with fans in new, exciting ways, this episode is packed with those insights and more.
Don’t miss out on our deep dive into the future of music distribution and innovative artist support systems.
**Join us as we uncover:**
– The platform’s onboarding process and waitlist management.
– The potential for massive artist outreach and support.
– Strategies for sustainable growth and revenue generation for artists.
– The future goals of the company, including potential IPO and acquisition discussions.
– Innovative pricing and tier systems that change how music and artist-fan interactions are monetized.
Be sure to like, comment, and subscribe for more episodes packed with industry insights and business innovation strategies.
**Chapters:**
00:00 – Introduction
00:01 – Platform Onboarding Stats
00:03 – KYC Process Explained
00:07 – Artist Support & Growth Projections
00:10 – Free Platform Model
00:12 – Future Company Goals
00:23 – Insights on Legacy Artists
00:30 – Tier-Based Pricing System
00:35 – Conclusion
#EYL #MusicIndustry #MagRodriguez #MusicDistribution #ArtistSupport #FutureOfMusic #DirectToConsumer #IndependentArtists #MusicRevenue #LegacyArtists #MusicMonetization #EarnYourLeisure #BusinessInnovation #Entrepreneurship
Tune in and enjoy the episode!
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