Snoop Dogg is all about supporting artists in collecting their coins, and it shows.
“Can somebody explain to me how you get a billion streams and not get a million dollars?” Snoop Dogg asked during the conference. “That sh-t don’t make sense to me.”
He added, “That’s the main gripe with a lot of us artists is that we do major numbers with streams but it don’t add up to the money. Like, where the f-ck is the money?”
Now, Snoop Dogg has invested in Web3 music platform Sound’s $20 million funding round, according to CoinDesk. Fellow participants included Andreessen Horowitz (a16z), Ashton Kutcher’s Sound Ventures, Ryan Tedder, and more.
The funding round comes after its $5 million seed round in 2021. As previously reported by AfroTech, investors included 21 Savage and Horowitz.
The Web3 music platform works to help artists earn money by making their songs into non-fungible tokens (NFTs) — garnering $5.5 million in sales for them since its 2022 beta launch — the outlet details.
“One of my principles is that talent is equally distributed, and opportunity is not,” Sound Co-Founder David Greenstein said, according to the outlet. “It shouldn’t matter where you come from, what you look like, how much money you have – if you are talented and you make music, you should be able to make a career off of being an artist.”
Sound will use the new funding for further expansion related to artist relations, marketing, and engineering teams, which will come through as it opens to the public.
Stepping away from traditional revenue models, Sound aims for artists to be fairly compensated and to make a sustainable career in the music industry.
“My philosophy has been ‘meet artists with where they’re at,’” Greenstein said.“Ultimately, once they get their music collected and get paid out instantly, that’s the dopamine effect that goes ‘whoa, I just returned 100% of my revenue, this company didn’t take anything from me, and I own the relationship with my artist with with my listeners’ – that is super, super powerful.”