5 Questions With: Benji Rogers of PledgeMusic

Guest Post: This post originally appeared on Digital Media Wire

PledgeMusic is a direct-to-fan music platform that enhances the fan-artist dynamic from the creation of music to its experience in digital and live formats. The platform allows fans to play a part in the actual music making side of an artist’s work while the creators get a better, more intimate understanding of the people that support their careers. In short, PledgeMusic has created a digital environment that breaks from all traditional production-to-distribution channels in today’s hyperconnected world.

Benji-Rogers-Photo-Cropped-730x480A key feature of PledgeMusic allows artists to sell a project straight to their fans before it comes to fruition. In a campaign artists can take preorders for albums, for instance, or offer other products or experiences to their super fans as incentives for funding an idea. Another way PledgeMusic is revolutionizing the creation and distribution of music is through direct purchases and the implementation of blockchain.

Benji Rogers is the co-founder and chief strategy officer of PledgeMusic and the lead musician behind the band Marwood. A public speaker, investor, and musician from London and New York, Rogers was the recipient of the A&R Worldwide “Digital Executive of the Year” award, and in 2013 he was named to Billboard‘s 40 Under 40 Power Players list. Digital Media Wire had the chance to ask Benji some questions about PledgeMusic, the music industry, and the role of blockchain in this new model. Below is a recording of Benji’s responses along with a transcription. Read More »

Bridging The Streaming Music ‘Value Gap’

The global music business offered up two cheers this week for the first signs of life in the recorded music business in nearly a decade. According to International Federation of the Phonographic Industry’s (IFPI) latest global sales report, total recorded music revenue grew 3.2 percent in 2015, to $15.0 billion, the biggest jump since 1998 and the only growth since 2012, when sales ticked up 0.3 percent.

The overall growth IFPI_YouTubecomparisoncame entirely from digital sources, particularly streaming revenue, which jumped 45 percent over 2014, to $2.9 billion, or 19 percent of total revenues. Physical sales continued their decade-long slide, falling another 4.5 percent, buoyed somewhat by the continued renaissance of vinyl.

The strong streaming numbers were not evenly distributed, however. Subscription streaming revenue accounted for $2 billion of the $2.9 billion total, as the total number of paying subscribers reached 68 million, while industry revenue from ad-supported streaming amounted to a mere $634 million, despite more than 900 million listeners worldwide.

The report referred to the mismatch between consumption and revenue to artists and labels as a “market-distorting value gap,” that must be closed, echoing comments last month by RIAA CEO Cary Sherman. Read More »

The Accidental Blockchain Evangelist

PledgeMusic founder and CEO Benji Rogers did not set out to become the leader of a movement when he posted his now-famous essay last November describing how the blockchain — the technological underpinning of the cryptocurrency Bitcoin — could be used to untangle the notoriously Byzantine world of music licensing and payments. It was more a thought experiment than a business plan. But his ideas struck such a chord in the industry that Rogers has been thrust into the unwonted role of leading spokesman for the use of blockchain in the music business.

PledgeMusic CEO Benji Rogers

PledgeMusic CEO Benji Rogers

“I could never have imagined that the article I wrote would have the impact that it has,” Rogers would write a few months later in a follow up post. “In the short time since it came out, I have been overwhelmed by offers to speak publicly, offers of help and even offers to fund ‘what you are building.’ So I need to be clear here before we begin: this is not something that I am building.”

There are many in and around the music industry who would like to try, however.

By putting the blockchain at the center of his proposal Rogers helped spark growing interest in the industry in using the technology to bring transparency to the famously opaque world of music rights, where simply identifying who owns a musical work or recording, and who is entitled to be paid for which uses, can be near-impossible, keeping works out of the hands of would-be licensees. Blockchain was a major topic of discussion at this year’s SXSW conference, where it bore for full slate of panels. Read More »