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Turning music discovery into a game is a brilliant idea! Taking inspiration from fantasy sports, both the primary and secondary Vault markets are gamified, encouraging fans to invest in artists. This approach establishes a dynamic connection between emerging artists and their early supporters, going beyond traditional patronage models and nurturing strong music communities.
Breaking Down the Music Industry Status Quo
In 2020, major labels and commercially influential artists largely reaped the benefits, leaving emerging artists with minimal earnings. Opaque agreements and preferential treatment exacerbated this inequality. Vault challenges this status quo by providing an alternative that addresses the disconnect between artists and fans resulting from passive listening.
The existing streaming landscape is biased against emerging artists, as algorithms favor those who are already popular, sustaining a winner-takes-all dynamic. Recent adjustments, such as popularity thresholds, add to the challenges faced by emerging artists. The industry's emphasis on reforming streaming overlooks alternatives and disregards the gap between artists and fans resulting from passive listening.
Vault's Response: Fantasy Record Label
Fantasy Record Label not only gamifies music discovery but also deepens the connection between fans and artists. Players become financially invested team members, influencing artists' success through meaningful engagement and support. This novel approach seeks to empower emerging artists, providing an avenue for sustainable income beyond the confines of the streaming economy.
Artists and Fans are the Winners
The Vault music ecosystem, with Fantasy Record Label at its core, creates a new economy that uplifts independent musicians outside the industry's traditional hierarchy. Independent artist Carly Moffa's success with Vault exemplifies how the system can generate more revenue than streaming royalties, offering hope to emerging artists.
The game fosters mutually beneficial relationships, creating a positive feedback loop where fans are actively engaged in music discovery, contributing to artists' success, and receiving rewards in return. Fantasy Record Label reinvigorates music with a sense of play, making music discovery fun and empowering conscientious music lovers to be part of the solution.
Final Thoughts: The Gamification of Revolution
While the call for reform in the music industry persists, artists cannot afford to wait. Vault's Fantasy Record Label presents a revolutionary approach, demonstrating that the future of the music industry may indeed be gamified. By actively engaging listeners, reconnecting artists with their fans, and establishing support structures for emerging artists, Vault is shaping a new narrative where the revolution is not just imminent—it's playful, inclusive, and beneficial for both artists and fans.
Interview Questions
Can you provide an overview of Vault Music's Fantasy Record Label Product and its key features?
We created our new fantasy game, Fantasy Record Label, because the modern music industry does not serve emerging artists. Fantasy Record Label gives emerging artists and their listeners a viable alternative to the dysfunctional streaming economy.The concept is relatively simple and will feel familiar to fantasy sports fans. Each week, players “sign” five unique, eligible artists to their label, finalizing their choices by Friday at midnight UTC. Each week, cash prizes and points are awarded to the fantasy label(s) with the highest 7-day monthly listener gains.
To sign an artist, players must have that artist's Vault in their collection. New, emerging artists are constantly onboarded to Vault Music and players must act fast to secure one of the limited-edition Vaults (or wait anxiously for them to become available on the Vault secondary market). This ownership requirement incentivizes fans to participate in the primary and secondary Vault markets and actively support emerging artists who make money each time their Vaults are bought, sold, and traded.
Vault Music was created by the co-founders of FanDuel, pioneers in the multi-billion dollar sports betting industry, so we know a thing or two about exciting fans through play.
Fantasy Record Label is the latest component in the Vault music economy that will resource up-and-coming artists, build mutually beneficial relationships between artists and their listeners, and support a connected and engaged community of music lovers.
What inspired the creation of this product, and what unique aspects set it apart from other record label platforms?
For Vault's co-founder Nigel Eccles, the inspiration for Fantasy Record Label came from his experience co-founding FanDuel, the multi-billion dollar sports betting company. He noticed that the fantasy format not only inspired a deeper affinity with the athletes, but it also connected fans more deeply to the sport in general, transcending specific team loyalties.
We saw the opportunity to apply this lesson to the music industry to uplift emerging and independent artists - and it is already paying off for artists and their fans.
Fantasy Record Label is a game of skill like FanDuel’s fantasy products. It is a bonafide contest of skill between players who are trying to predict which artists will be the most successful (much like A&R execs do today). Fantasy sports has a rich history in the United States with it being played continuously since the 1970s.
User Experience:
How does Vault Music ensure a user-friendly experience for both artists and label managers within the Fantasy Record Label Product?
Vault Music ensures a user-friendly experience by aligning the game with the core metric important to artists—monthly listeners. The game provides a look behind the music industry's curtain, empowering users to actively engage with and support artists.
Can you describe the onboarding process for artists and labels, highlighting any standout features that enhance their experience?
The onboarding process involves users purchasing Vaults to participate in the Fantasy Record Label game. Artists can join by having their music featured in limited-edition Vaults. The ownership requirement incentivizes fan participation in the primary and secondary markets.
We have direct relationships with independent artists, labels, and music brands. We also have dropped releases from artists who have applied to feature their music here. We offer label-like services to artists such as cover art mockups from our talented design team, art assets, social assets from free artist interviews, and promotion through our marketing channels.
Collaboration and Networking:
How does the platform facilitate collaboration between artists and label managers?
The platform encourages collaboration by creating a dynamic where users actively invest in and support artists. Players become invested team members, not just passive listeners, fostering a sense of community and support.
Are there networking features or tools in place to connect artists with potential collaborators, producers, or other industry professionals?
The interactive nature of the game, playlist creation, and social media promotion can naturally lead to connections between artists, fans, and music lovers. We host a Telegram chat for our early alpha and beta testers as well. Already we’ve seen fantasy players streaming new artists and seeing them perform live based on discovering them via Fantasy Record Label.
Data and Analytics:
How does the platform utilize data and analytics to benefit both artists and labels?
We track sales data on collector base, primary sales, secondary sales, which artists are signed to most fantasy labels, etc.
Are there insights or reports available to help artists understand their audience and track the performance of their music?
We send out general newsletters every Monday and Friday to summarize the Fantasy Music scene, including top signed artists and artist alpha.
Monetization and Revenue Streams:
What monetization options are available for artists using the Fantasy Record Label Product?
Monetization primarily occurs through the sale and trade of Vaults. Artists earn money each time their Vaults are bought, sold, and traded. The game incentivizes fans to invest in emerging artists.
Can you explain the revenue-sharing model and any additional ways artists can generate income through the platform?
Artists earn 70% of revenue generated on primary sales. For each sale on the secondary marketplace between fans, artists earn a 7% royalty, creating long-tail revenue opportunities.
Community and Support:
Is there a community aspect to the platform, allowing artists and labels to connect and share experiences?
The platform fosters a community aspect through the game, where players actively engage with artists, create playlists, and promote their "signed" artists on social media.
How does Vault Music provide support to users, and what resources are available for troubleshooting or assistance?
We have support infrastructure dedicated to helping optimize user experience! Fans can submit a support request directly through the setting in the Vault Music app. Primarily, we have managed support through Telegram, Twitter, and Instagram DMs.
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Future Development:
Can you share any upcoming features or developments planned for the Fantasy Record Label Product?
We recently launched points in the app for users to keep track of the long-term optimization of their fantasy record labels. Right now, points are points. But over the next few months we plan to reveal more about the value of points. Our first players are helping build the ecosystem so we want to use points as a way to track that so we can give back to them when the product is more developed.
How does Vault Music plan to adapt to industry trends and continue improving the platform?
We plan to adapt to industry trends by focusing on building new music economies that favor emerging artists. The Fantasy Record Label game is positioned as a response to the shortcomings of the streaming economy.
Success Stories:
Can you highlight any success stories or notable achievements of artists or labels who have used Vault Music's Fantasy Record Label Product?
Already, we’ve seen artists earn more with a single release on Vault Music than they’ve earned from streaming in a year. That’s because in our game, just as with real record labels, up-and-coming artists have the most potential upside. Our players are incentivized to discover, collect releases, and sign the next music stars to their fantasy labels before their big break. It’s a music economy where everybody wins. Since releasing Fantasy Record Labels two weeks ago, we've seen 5 artists SELL OUT their vault inventory!
It took Carly Moffa, an independent singer-songwriter, over 5 years for her top song to reach 80,000 streams on Spotify after making it into American Idol's top 50. In just 24 hours, she was able to make the equivalent earnings off of a single Vault Music release.
Similarly, Bella Rose generated 245x the amount of streaming revenue on Vault Music by dropping a deluxe edition of her single "80 Proof" including BTS, a photo gallery from the shoot, track stems, and more.
How has the platform contributed to the success and growth of its users?
The Fantasy Record Label product contributes to the success and growth of users by providing a new and engaging way for artists to connect with fans, earn income, and build a supportive community.
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