Just recently famous pop music artist Taylor Swift pulled out of Spotify because according to her the music streaming service does not give the artists the due they deserve. However, this is going to change for many musicians now with ChangeTip adding their bitcoin payment to SoundCloud’s open API.
This new feature from the start-up company called ChangeTip will enable the fans to tip their favourite musicians using digital currency. Spotify is unjust in paying less than 1% to the artists per song play which is impacting the overall paid album sale, says Swift. She says that Rhapsody and Beat Music are better because the fans have to pay for premium packages in order to access the albums. Currently, Swift is not on SoundClound even though the website has several covers of her songs. SoundCloud launched an advertising program only last year, On SoundCloud, that helps the artists make revenue by promoting against their musical content.
Social Media’s Money Layer – ChangeTip
ChangeTip created a tipping feature on SoundCloud by using its open API which announced earlier today. The button can be embedded on the website by using Tip.Me widget that will give the content makers an opportunity to collect tips in Bitcoin.
The way company sees it, it is a great way for the artists to monetize their skills and make some money on the side. The only flipside to this amazing option is that the donations can only be made in Bitcoins and the currency is largely volatile. However, one can use the BitReserve platform to change the bitcoins into other currencies quickly.
Helping the artists by appreciating their content with Bitcoins
The users can show their appreciation for the artist and their content by tipping them in Bitcoins. The rewards will be directly paid to the individual and not to an intermediary. This channel will help the fans to directly engage with the artists. ChangeTip can be used not only on SoundCloud but also accept tips on their Twitter accounts as well as their own websites. However, ChangeTip users have shown more reception towards SoundCloud platform.
The Hard Times for the Start-Up
The start-up, however, is being used only by the digital currency enthusiasts to exchange bitcoin amongst one another. Although some of the tipping also happens over Twitter with the use of shorthand that can be customized by the users. It is a fun way to send money to amateur artists who can build a genuine fan base based on this functionality.
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