Throughout the next few weeks, we will be sharing personal perspectives on the past year and a half throughout the COVID-19 pandemic from artists and those who work in the music industry.
We launched our business in the fall of 2020. It wasn’t the ideal time to start a company, especially in the music industry. We believe we have a platform which can not just help independent artists and music businesses but potentially change how the entire industry funds projects. Something that became very apparent during the pandemic was the importance of creators to own their intellectual property, master recordings and copyrights. When you look at the music industry the past year, the only businesses which weren’t negatively impacted were the major labels. They thrived. They experienced record revenue and income. Universal Music’s quarterly revenue reached $2.2 billion last quarter. The reason is they own the intellectual property. The artists who created the music were playing gigs in their living rooms via Instagram Live and pleading for donations to their Venmos. Artists lucky enough to own their music did very well too. Imagine Dragons sold their catalog to Concord Music for $100 million. Bob Dylan got $300 million from Universal.
Music Benefactors brings a different funding model to music projects. We want artists to own their music. Rather than giving up their masters and copyrights, artists can own them forever. They do this by partnering with music investors to fund their projects. Hopefully we all learned from the pandemic. We hope to help more artists in the coming years become truly independent.
For more on Music Benefactors, head to their site here.