This summer will be forever known as The Summer of NFTs. At the beginning of the year, the market started to take off. But when things cooled down, the market started to take shape. Now, as summer comes to a close, NFTs are hotter than ever. With so much momentum in the space, we’re really “just getting started” this time.Although this might not be a popular opinion, I’ve been on team “sell NFTs” rather than team “buy NFTs” until this moment. That, along with supporting select startups in the space, has been my strategy. Have I missed out on the get-rich-quick wave of Crypto Punks and Board Ape Yacht Club? Maybe. But the “digital drip” of changing your avatar and flaunting your digital wealth is not a solid long-term effort worth the chase, IMO. I’m more interested in setting the path, identifying the most promising players, and building alliances for the future.One Of, which will be the largest music NFT platform, launched this week. I’m excited by their vision to bring accessible, music-focused, “green” NFTs to the mass market.NFTNow is also officially launching this week. They’re the top outlet covering the movement and the place to be for NFT news, drops, facts, and figures.My crew is ARK Labs where we brainstorm and produce ideas with some of your favorite artists on a regular basis.I’m also down with the Lyricist Lounge collective, where every week a bunch of friends learning about the space get together and share stories and ideas. It’s still under the radar, but it’s incubating.And I’m a new member of FWB, the premiere collective in the space. I’m loving the access and vision.As far as individuals go, Israel Wilson and Jess Grushack are two players that I admire. They’re in the trenches making real waves. They understand the crypto ethos. A lot of people talk the talk but these two live it (and have for years now, which is saying a lot in this young industry).The reality is, two of the highest growth areas in music -- NFTs and music live streaming -- now rely on Web3. The way I see it, there are three main reasons these areas are not only on the rise but represent a fundamental shift in the music business as we know it:
Artist and fan connection: Web3 changes the relationship between fans and artists. Now, fans and artists can speak directly with no middleman. Not only can they connect, but they can also transact. For a long time, artists have been transacting through platforms, labels, and retail outlets, but never this directly with consumers. This is the end of that era. Artists can finally own the relationship with their fanbase.
New revenue: This is a great new revenue source for artists. Everything from their old art, to their images, music, and live/digital experiences can be commodified. There are so many opportunities here to do something interesting. Once encrypted onto the blockchain, everything will last a lifetime.
Collectibles: Web3 generates tremendous new collectibles for fans. Not only will these souvenirs be meaningful, they will also have resale value. Artists can be written into the contracts of these items to make money on every resale.
There is so much room for innovation that the market cap of the industry is going to continue to grow exponentially the more traction and use cases arise. We are in the early days and you can still be early, too. I know I’ve been talking about it for a while, but I’m going to continue to ram it home. This is a time and place where you can feel your impact. I highly suggest you get involved. It’s the most fun a lot of us have had in years.
BEATS
2021 MTV VMAs Viewership Plummets to Record Low Despite Performances From Big-Name ArtistsThe 2021 MTV Video Music Awards (VMAs) were unable to avoid the years-running viewership decline that most every award show has suffered as of late. The ceremony’s television audience plummeted to yet another all-time low this past Sunday, according to newly released data. (Digital Music News)
Radiohead Teams Up with Epic Games for Kid A Mnesia: ExhibitionRadiohead is teaming up with Epic Games for Kid A Mnesia: Exhibition — an interactive experience coming to PlayStation 5, PC, and Mac in November as part of the band’s upcoming Kid A Mnesia release. (The Verge)
The Oncoming Fandom CrisisThe Chinese authorities’ crackdown on fandom represents the first major growing pain for the global fandom economy. Tencent Music Entertainment (TME) will likely be the bellwether of this shift, with two thirds of its revenues coming from non-music (i.e., fandom) related activities. (Music Industry Blog)
Jack Antonoff Named Artist-in-Residence at NYU’s Clive Davis Institute of Recorded MusicJack Antonoff has been named the 2021-2022 academic year artist-in-residence at New York University’s Clive Davis Institute of Recorded Music. The residency will include masterclasses and workshops with students on music-making and production. (Pitchfork)
Doja Cat Remakes ‘Grease’ Hit “You’re the One that I Want” for Pepsi Spot Debuting During MTV VMAsRydell High School has come back to life with pop superstar Doja Cat playing both a smooth-singing Pink Lady and a moto-jacket-wearing vixen thanks to Pepsi-Cola as the beverage brand launches Pepsi-Cola Soda Shop. (Hollywood Reporter)
How Drake Partnered With ESPN for “Certified Lover Boy”The Worldwide Leader in Sports is out here sharing tweets from DJ Akademiks and creating graphics of Drake as Thanos from The Avengers movies! Drake had ESPN posting out here like an Instagram hip-hop account.Today, ESPN announced that Drake will take over music duties for Monday Night Football. Drake will feature his own music and select music from other artists. (Trapital)
Vincent Bolloré Is About To Own $7bn-plus Of Universal Shares… And Other Things We Learned From UMG’s New ProspectusUMG’s parent company Vivendi is preparing to spin off 60% of Universal on the Amsterdam stock exchange next Tuesday (September 21), a public listing that could give the world’s biggest music company a market cap worth €30 billion, €40 billion… or even higher. (Music Business Worldwide)
Virtual Artists Are An Opportunity For The Music Business – Not An EnemySpirit Bomb has won investment from the likes of Warner Music Group and Chinatown Market, in addition to Avex USA, the US arm of Japanese music company Avex Inc. Spirit Bomb operates as a record label for virtual artist avatars created by Los Angeles-HQ’d media production house Strangeloop Studios. (Music Business Worldwide)
Elton John and Lil Nas X Are the Latest Perfect Pair for Uber EatsElton John schools Lil Nas X on British slang in one of several fresh, funny spots the musicians made for Uber Eats. Sir Elton sits astride a coin-op kiddie rocket, while Nas rides a mechanical horsie. Their chemistry shines in this latest installment of the "Tonight I'll Be Eating" campaign from Special Group U.S./Australia and Smuggler director Guy Shelmerdine. (Muse by Clio)
Apple Music Is Using Shazam To Solve The Streaming Industry’s Problem With DJ MixesApple Music announced today that it’s created a process to properly identify and compensate all of the individual creators involved in making a DJ mix. Using technology from the audio-recognition app Shazam, which Apple acquired in 2018 for $400 million, Apple Music is working with major and independent labels to devise a fair way to divide streaming royalties. (Tech Crunch)
Spotify Opens Up Release Radar for Brand Sponsorships, Starting with Disney+Release Radar is one of the most popular algorithmically generated playlists on Spotify, and for good reason. The mix is updated weekly with a collection of new material from the artists you listen to often. The playlist has been keeping users in the loop for five years at this point, and now the streaming service is opening it up to advertisers. (Yahoo)
This Nightclub Traps Dancers’ Body Heat To Warm And Cool The BuildingSWG3, a dance club and arts venue, is getting a radical retrofit over the next two months, which will allow it to suck up the heat generated by thousands of visitors, store it in the depths of the Earth, and pump it back into the venue whenever it’s not filled by ravers. It will open on November 7 for the U.N. Climate Change Conference (COP26). (Fast Company)
Downsampled: How The Frenzied Sale of Music Publishing Will Change Sample CultureThis will be remembered a golden age, though whether we’re entering or exiting, whether it’s beginning or ending, depends entirely upon your point of view. For some, we are entering a golden age of sampling — or rather, a golden age of sample clearance. (5 Mag)
Music Analytics: The Definitive GuideAlmost everything that relates to the music industry is done online these days. Streaming has dominated the market over physical releases, music videos are released and watched online, concert tickets and merch are purchased online – heck concerts can even be watched online. (Oddly Simpl.)
Bon Iver, Grimes, Miguel, Khruangbin Tackle The Climate Crisis With Interactive ArtThe work is just one of the several installations that make up Undercurrent, a three-story audiovisual exhibition on the theme of climate change curated and produced by an array of well-known musicians—from folk singer-turned-electronic pioneer Bon Iver to pop star Miguel to the British soft rockers The 1975—that opens September 9 and runs through most of the month. (BK Mag)
The À-la-carte Artist: How Drake Uses Variability to Provide Each Fan with a Unique ExperienceWith several monikers under his belt — 6 God, Aubrey, Drizzy and now Certified Lover Boy — Drake continues to solidify his stamp on the music industry.For the release of his sixth studio album Certified Lover Boy, Drake and his team also heightened anticipation for the release by employing a geo-specific marketing strategy that combined mystery and reveal to encourage people to check out the album. (Water and Music)
It’s Hard To Play Music Over Zoom. Why Not Head To The Metaverse?Roar Studios is building a virtual metaverse focused around music, where people will be able to form bands from across the planet, compete in challenges, and perform in front of virtual audiences. (Fast Company)
BYTES
This podcast features Lin Dai- CEO, Joshua James-COO, and co-founder Adam Fell of OneOf, a new NFT platform built for the music community which connects fans with their favorite artists. The platform has raised over $60M and is quickly becoming one of the leading platforms for music NFTs. Listen to the podcast here.
Virgil Abloh took to Instagram on Tuesday to share an intimate jam session courtesy of BadBadNotGood, Kid Cudi , and ASAP Nast. “Inspired to keep curating these different nights out around music-music instead of just music,” Virbil captioned the IG video. “I had my friends @badbadnotgood set the tone last night. @asapnast & @kidcudi impromptu. Was different, really different.”
Facebook and Ray-Ban plan to release their first pair of smart glasses, Ray-Ban Stories, on Thursday 9/16 starting at $299. Features of the Ray-Ban Stories include the ability to take pictures and videos, have speakers on both sides of the frame, and a touchpad inside the frame that allows volume change or to play or pause audio. These smart glasses are the most normal-looking and accessible pair of glasses on the market so far.
Duckwrth’s career continues to flourish, with the release of SG8*, featuring in the film and soundtrack of the movie Space Jam: A New Legacy, and sold out on his US tour dates in Los Angeles, New York, Atlanta, Boston, Oakland, and Chicago. He recently revealed his surprise direct support slots on select dates for Billie Eilish’s Happier Than Ever tour.
This week's newsletter was carefully curated by the Nue Agency staff and our editor Rachel Meisner. If you think we missed something this week or have any suggestions/comments for next week's newsletter, let us know!