Phoenix-based on-demand merchandise storefront Arena Music announced that it will start providing loyalty payouts in bitcoin for music streamed through its platform starting from June, this year.
The company has been experimenting with offering payouts in the popular cryptocurrency in Phoenix and Atlanta over the past six months. Arena Music is an on-demand merchandizing storefront that leverages a free streaming service in order to help artists monetize their content in an industry where consumers no longer buy music to own.
Offering payouts in widely-used cryptocurrencies highlights the company’s step and approach with independent content creators. It offers them compensation with another form of capital or investment.
“Phoenix is seeing the impact of Arena Music payouts in bitcoin. We’re watching our local music scene build the foundation for an entirely new way of releasing single tracks and full albums that pay each writer, producer and featured artist their shares of the $0.01 per stream Arena offers in bitcoin,” Damon Evans, founder and CEO of Arena Music, stated.
With Arena, the first band to receive bitcoin payouts will be an independent punk band called Red Tank! That released their third full-length album in collaboration with Arena Music last year.
