Brussels, Belgium – December 22, 2021 – Power, the revolutionary music project of young Parisian entrepreneurs, is becoming more and more concrete and it is necessary that it be talked about. Having raised 3 million dollars in 2021, the team constituting the Power project arrives with solid ambitions: to reinvent the music industry, offering to all its actors a fairer, more dynamic redistribution of profits and a participatory financing mode. Very interested in all the possibilities offered by the massive digitization of artistic contents, Power intends to exploit this opportunity to achieve its mission.
The music industry has seen a 50% drop in revenues between 2002 and 2010. At its peak, the compact disc generated up to 1.4 billion dollars, dropping to 474 million dollars in 2015. Today, streaming is exploding, but still does not compete with the results obtained by CDs in the early 2000s, with 658 million dollars generated in France in 2020.
Today, and especially in rap where artists generally start with little means, record companies have learned to place themselves at the right time on the future talents that represent a profitable investment. To understand this, one needs to look more closely at how a career is built: at the beginning, the artist is not known. Listened to and shared by his close circle, boosted by his personal strategy, he will over time build an audience via networks, streaming platforms and small events in which he will create a place for himself. This stage is the hardest for the artist, because it is about creating from scratch. Then comes the beginning of the notoriety, which in the current schemes, calls for the release of a first album, since it is now worth it for the artist. The investment on this first project, if it is listened by the already built fan-base of the artist, will be profitable. But who says investment says capital to advance?
This brings one back to the precariousness of the artists, because it is just before the conception of this first album, when most of the work has been done, but the money is still not in the artist’s pockets, that the record companies arrive. They offer, in return for a contract with the artist, a substantial sum of money. However, this sum of money does not represent the profits that an artist would have generated if he had had the means to finance his project, his studio sessions and his album promotion himself. This is exactly the problem that Power was built to address: it wants to allow artists to make a living from their music without any content control from the major platforms, by removing them from the marketing calculations of the record companies and allowing them to focus on their music. From then on, Power proposes a simpler solution to artists, allowing them a better link with their community: democratize the financing of artistic projects, putting it within the reach of fans, like an online kitty.
Power’s mission is to redistribute the cards in the music industry: its platform, which aims to digitalize the trust that listeners place in an artist, hopes to open another path for artists than the very disadvantageous one created by record companies and labels. Instead of a physical album or merchandise, Power offers its users to finance the artist’s project directly.
The scheme is simple: fans believe in an artist, they want to support his work to allow him to really focus on his art. Where the Power project is really innovative, it is that this financing by lambda listeners also represents an interest for them: once the project reaches the end and the profits generated by the artist, a part of these will be redistributed to the level of the investments made to the participants of the financing. This double retribution, thought by Power, will allow the artist to live from his art and the audience to have a personal interest in the success of the artist. It is through this prism that Power intends to generate a new community of listeners, passionate and invested in the music projects of tomorrow.
Imagine the commitment that this will generate in an audience that has also invested in the artist. It is not only the streaming results and the quality of the projects that will be impacted, but the whole musical culture with a certain interest for the artists’ concerts, the sales of clothes linked to this culture etc.
The founders of Power believe that this is a turning point in the music industry: this new era will mark a decline for the big entities that have locked the music industry for too long. With Power, artists and listeners will really feel like they are at the center of a sharing industry that, after all, only needs them.
For complete information, visit: http://www.power.io