New tools will allow artists to connect directly with their fans on the platform. As the market for do-it-yourself music artists gets more crowded, the company is betting that interactivity will set it apart from other services.
The first phase of the new name is a dashboard for creators. The old version required users to choose between earnings and streams. Artists can now see all those statistics at a glance. It doesn't offer any new things yet.
A feature that will show artists their top fans is what Tracy Chan says will be new. A new system for allocating royalties was introduced by SoundCloud last year. The standard pro rata model at Apple and Spotify allocates subscription fees based on the amount of streams an artist has. Soon, you will be able to see who their top contributors are. The expectation is that allowing artists to connect with those superfans will allow them to make money on other platforms.
We can return to the idea that you don't need scale. According to Chan, you need to focus on your fans.
It shows how difficult it is for artists to make money off of streaming and how difficult it is for new acts to break out. It's more difficult for new artists to gain traction because 100,000 new songs are added to the streamers each day. Consumer listening to new music has decreased despite the number of new tracks.
The golden days of MySpace were when building a fan base was the main goal. This will help us make SoundCloud a companion to other music streaming services, to creator economy services, and to live streaming platforms.
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