- November 21, 2020
- Posted by: Kirsten Campbell
- Category: Blog
“If you don’t own your masters, your masters own you.” – Prince
Taylor Swift has been embroiled in a fight for her masters collection for years now, and she’s just witnessed it being sold out from under her for the second time. Imagine seeing your life’s work bartered and traded with impunity. Prince certainly understood this struggle, and artists of today owe him a debt of gratitude for raising awareness and continuing the fight against music label exploitation. The power imbalance between artists and labels has been slanted since the beginning, but technology has aggressively worked to rebalance the scales.
*Vezt has entered the chat*
Vezt has democratized music by allowing fans to financially participate in the royalties of their favorite artists’ music. Here’s how Vezt addresses some of the major issues between artists and labels:
- Artists are in control of which song rights they offer to fans
- Artists are supported by their fans and community, not predatory investment firms and record labels
- Fans earn royalties (read: make money) from their favorite artists and songs, bolstering value for all in the ecosystem
- Blockchain technology has future-proofed and secured all transactions while maximizing transparency
Artists within the Vezt ecosystem hold the power to control the monetization of their music library, unlike the norm at record labels. Through Vezt, artists have the ability to monetize their rights and fans can share in the earnings, while remaining free from the music industry’s clutches.
The next episode
The music industry relies on naive and hopeful young artists to sign exploitative contracts which are structured strongly in the labels’ favor. Vezt flips this tired dynamic onto its head. By returning decision-making and control to the artists, and now their fans, the entire music industry improves, as record labels will be forced to treat artists fairly, and even begin involving them in the long term success of the label, like BTS’ groundbreaking deal. Whether an artist or the biggest fan, It’s an exciting time to be in the music industry with all these ch-ch-changes afoot!