How Can Artists Make More Money In The New Digital Economy?
Every-time you hear a piece of music someone is getting paid. But how can artist make more money from their music? Recently I had talk with my friend Earl Chapman, who one of the most important business developers in Canada, has worked with many International companies in getting them listed on the Jamaican Stock Exchange as well as the Toronto Stock Exchange.
He is now working on a securities project to be listed on the Jamaica Stock Exchange. With Apple and Spotify now available in the 80 new markets I wanted to know how artists can further monetize their work and benefit in the long term.
Earl, tell us how you started and got to where you are now?
The short story is I worked at Telecoms, I worked for Bell Canada for close to ten years, and built all the internet service providers then ran carrier services. I got to do some work in Jamaica, fell in love with Jamaica when I got there. I took companies public and raised capital. I have raised several millions of dollars and Jamaica has seen huge returns. It’s self-driven because I found that after going through my corporate career the only way I could get promoted and earn money was to start my own business. I have been working in Jamaica ever since and recently we are about to launch the first Cryptocurrency on the Jamaica Stock Exchange which will be the first in the world.
What would you say is Jamaica’s winning edge?
Jamaica doesn’t have a winning edge over other markets. The money is expensive but what attracted me to Jamaica is, it’s a growing economy that needed more influence and opportunity. When people get ingrained in the Jamaican culture, lifestyle, food, and music they say ‘how can I stay there?’. Also when people see Jamaican they tend to want to do some type of business there. Jamaica doesn’t have banking incentives but it has a lovely culture and lovely people.
How much more and where are the opportunities to monetize the culture?
I think every artist in Jamaica that owns their intellectual property and makes money has value. Culture can get monetized in the new digital world through Security Token Offerings (STO). Anyone with intellectual property can create a Security Token Offering and have investors buy into their company go to coinmarketcap.com to see other crypto that people invested in.
You are encouraging more artists to set up shop and own more of their masters and publishing?
Absolutely. There are artists in Jamaica who can earn one hundred of millions of dollars by creating STOs. It would sell like hot cake if the artists owned their intellectual property. It has a value and artists can create a treasury for themselves to expand and educate and help their community.
Why do you think streaming came to the Caribbean and will it help?
Streaming will help, I am a Spotify guy. The platforms allow others to load their music and monetize behind the scenes either with ads or otherwise. It’s a good revenue stream and that will also help with the value of a STO.
Can any random artist set up a STO?
Any artist or person who can set up a business can. They have to show their revenue and financials. YouTube channels are generating views to be paid monthly, they have the same mechanism but they have to be a company first before they can meet the requirements of the regulators.
Is this what record labels have done?
They have a library of songs that people will want to sample, rent and use, but I don’t think they would STO their library. They are too big. For music lovers, it will be beneficial to own a piece of Universal’s music.
With all that’s happening in the world now and artists unable to perform for live audiences, do you think the value of music went up or down?
I think the value of music has increased. Music will always increase in value. Music plays a role to create a mode and maintain calm in the environment. The artists that create that must be rewarded so when people keep their masters I applaud them cause now they can create more value for themselves and the value of music.
An artist like Chronixx has changed the soulfulness of reggae music, he has taken what Bob Marley and all the greats did and transformed that with modern beats that make you want to dance and shake your head but when you listen to it there is a message. I think those will always have a value.
Other than Chronixx, who else are you listening to now?
Vybz Kartel “Rampin Shop”. (laughs)
That’s my daytime anthem, gets me going. I play that loud and my neighbors ask Earl who is that. I said you don’t wanna know but they love it. They are white conservative males who just love the beat. I am always surprised by the different demeanor of people and the music they love. Music has always made people happy, joyful and you can make money from it.
Thank you so much Earl.
You are more than welcome.
For the full conversation listen to the World Music Views Podcast on Spotify and Apple Music. Email: firstname.lastname@example.org