Monad offers a per-artist subscription model and 80% of revenues
A new subscription-based music streaming platform called Monad has just been launched, and will offer artists a better financial return on their music than existing services.
Based in Los Angeles and Ibiza, Monad differs from the likes of Spotify and Tidal in that users sign up to follow a particular artist's channel, rather than to the service itself on an 'all you can eat' basis. What's more, it's not just single/EP/album releases that can be streamed: the service can handle both audio and video streaming, and is suitable for performing live shows, hosting Q&A or tutorial sessions, and doubtless a few other uses that no-one's thought of yet!
Users can sign up to follow their favourite artists on a 'general admission' basis at $2 per month, or as a 'VIP' at $12 per month. What exactly that entails depends to a large extent on how the artist in question chooses to curate their channel, but in a nutshell, $2 will get you access to "most" recorded content and live streams, while $12 will give you access to everything, including "afterhours invites" and "fireside chats".
As exciting as this is for the end user, though – who doesn't want to feel that special connection with their favourite DJs and producers? – what's most striking is the deal that Monad is offering to artists that sign up to the service, with 80% of the fees paid going to the artist – a marked improvement on the very low per-play royalties paid out by other streaming platforms.
Brett Hawkins (Monad CEO) said: “It’s time for the pact between streaming, social media and artists to change. The subscription business model works in other spaces. It’s high time one was designed for music enjoyment. Monad is that platform. It is constructed to help creators navigate technology minefields and to receive fair compensation for their extraordinary talent.”
It's early days for Monad, obviously, but we'll be watching this one closely – who knows, if it catches on it could just be the financial shot-in-the-arm that a creative sector whose revenues have thus far been decimated by streaming needs.
Check it out for yourself at https://monad.social