Global pop sensation Justin Bieber is breaking new ground by transforming one of his 2015 hit songs, “Company,” into a nonfungible token (NFT), offering fans a unique opportunity to invest in the song and earn royalties from future streams.
In a groundbreaking collaboration between blockchain-focused music technology platform anotherblock and the co-producer of the track, Andreas Schuller, known as Axident, “Company” will be released as an NFT on September 7, with a limited supply of just 2,000 tokens. While Axident will retain the rights to the song, NFT owners will have the chance to claim a 1% royalty share from the song’s streaming revenue. This move underlines the growing role of fans in the music industry and the transformative potential of blockchain and music rights.
Axident emphasized the profound connection between fans and music ownership, stating that it extends far beyond monetary value. The integration of blockchain technology and music rights introduces an entirely new realm of interactions between artists and their supporters. “Company” initially achieved significant success as a single, reaching Australia’s top 40 charts and landing at 53 on the United States charts. To date, the track has garnered over 500 million streams.
Michel Traore, the co-founder and CEO of anotherblock, highlighted the power of introducing universally beloved songs to the world of Web3. He stated that songs like “Company” have immense potential to engage and familiarize the masses with Web3 tools that were once out of reach for the general public.
Traore also emphasized the significance of redistributing royalties to creators like Axident. Often, producers do not receive the recognition they deserve, and this initiative aims to spotlight the talented individuals behind the music. It not only opens up new revenue streams for producers but also enables fans to connect with these creative minds and their exceptional work.
Anotherblock has a track record of collaborating on Web3 ventures with some of the music industry’s biggest names, including The Weeknd, Rihanna, and Martin Garrix, solidifying its position as a pioneer in the intersection of music and blockchain technology.
