The music industry is broken: OpenWav's new app aims to change that
7 hours ago
- #music-industry
- #AI-in-music
- #artist-empowerment
- Wyclef Jean criticizes the music industry's broken model, especially streaming services' business practices.
- OpenWav, a startup co-founded by Jaeson Ma, aims to empower artists by offering direct-to-fan engagement, merch sales, and event hosting.
- Artists need 1 million streams on Spotify to earn $3,000, highlighting the platform's low payout rates.
- OpenWav focuses on helping artists build sustainable careers through 1,000 true fans paying $10/month.
- The platform allows artists to sell tickets, merch, and exclusive music while retaining audience data ownership.
- AI tools will assist artists with creative tasks, tour planning, and merch design in OpenWav's future updates.
- Spotify has explored super-fan monetization but faces challenges due to label partnerships.
- OpenWav differentiates itself by combining fan engagement, sales, and AI support in one platform.