New age entertainment platforms providing monetization opportunities to artists
Authored by Keerthivasan Subramanian, Founder and CEO, Playtoome.
With the increasing interest of the general public in the field of entertainment, the competition in the entertainment industry has dramatically increased due to the entry of several newcomers. Because of increased competition, finding appropriate work has become challenging for several artists. Besides increasing competition, the rising interest of people in the entertainment industry has opened gates of growth for the new-age entertainment platforms too. With new-age entertainment platforms, we mean Over-the-top (OTT) platforms and music companies. Besides being the source of original and authentic entertainment, these platforms are providing numerous artists with the work of their taste. Thus, helping them to reap monetary benefits in this competitive era. Let us understand below how the growth of these new-age platforms is giving monetization opportunities to artists.
Revenue sharing arrangements between platforms and artists
The zealous admiration fans develop for their beloved artists is an indispensable part of an artist’s path to success. In the past decade, technology, the internet, and social media have made these relationships between artists and fans more intense than ever. These new-age music companies and OTT platforms have acted as a strong bridge between an artist and his career success.
Talking about the monetization policies of these platforms, both music companies and OTT platforms differ in their monetisation terms and conditions related to artists. In the case of music companies, independent artists get a share of the revenue these music companies make per stream. For example, Gaana gives Rs. 0.10-0.15 to independent artists per stream. However, the monetization policy varies with the music labels, and they get a certain amount for giving the streaming rights to the music streaming service. Millions of new tracks are uploaded to these audio streaming and media services providers every year that help these companies in generating massive revenues. In return, with the popularity of these companies, several artists benefit. On the other side are the OTT platforms. They give a certain amount to the producer for accessing the streaming rights. That amount includes the cost of producing the movie/web series plus the profit of the producer. They help the artists indirectly. Had there not been the existence of these OTT platforms, several artists would have suffered the shortage of work. These digital platforms are gaining more significance and popularity these days than traditional cinema halls. Therefore, by becoming the platform of innumerable web series and movies, these OTT companies are helping numerous artists in getting suitable work and helping them with monetization opportunities.
Is there any transparency of the revenue shared with the artists?
Yes, there is complete transparency in the revenue shared by music companies and other digital platforms with the artists. Revenue sharing is open to all and is decided as per the fixed terms and conditions. There is uniformity in sharing the revenue, and each artist gets his share as the criteria get fulfilled. Artists get what they are eligible for, and there is nothing vague when it comes to the monetization policies of these music streaming companies and other digital new-age platforms.
Several artists across the country possess talent but do not get the platform to show it. These new-age platforms are bridging the gap between talented artists and their dreams. In this situation, when the whole country is in the grasp of the deadly pandemic and everything is under lockdown, the significance and need of these digital companies have dramatically increased. With its rising popularity and significance, innumerable talented artists are reaping the benefits through work opportunities that they deserve, who otherwise would have been facing a shortage of work and challenges in their career.
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