2nd September 2021: Trackd, the music recording and sharing mobile app that helps artists to make money from their work through fan subscriptions, is looking for a £2M investment to expand its footprint into the US and further develop the platform with an Android version of the iOS app.
Having started the business in 2015, the company recently raised £700k from directors and private investors such as Grammy Award winning musician and producer Dave Stewart of the Eurythmics fame. This enabled Trackd to build the fan subscription platform that launched in July 2021 with hundreds of artists already signed up. Notable early adopters are break-through Birmingham artist and producer, AClass, singer songwriter Otto who recently signed a record deal with Dave Stewart and The Voice finalist, Bethzienna Williams. The app is already used in over 160 countries around the world but Trackd is looking to make inroads into the lucrative North American market which will require additional investment in the product and marketing.
Trackd founder and CEO Russell Sheffield commented. “We started out as a music recording app, offering an 8 track recording studio on an iPhone. By developing the ChipIn+ fan subscription service we are looking to help emerging and established artists to get a fair return on their music given that the earnings from the streaming platforms are so low.
“To make the equivalent revenue from Spotify as they could from the sale of one CD, artists would need a track to be streamed over 1200 times. We believe the subscription model, with artists getting 85% of the revenue is a more sustainable business model, especially for breakthrough and mid-ranking musicians.”
The new fan subscription service combines the discovery and player functions of the likes of Spotify with a creator subscription model akin to Patreon, allowing fans to support artists directly and enable them to monetise their music. The app itself is free to download and fans are then free to donate as much to artists as they want through either monthly subscriptions or one off ‘ChipIn’ payments. 85% of payments go straight to the artist giving them the sustainability they need to grow their fan base.
The aim of the subscription model is to allow fans to have a more personal relationship with the artist. Instead of listing all their work on Spotify artists will create exclusive content such as demos and remixes.
Head of Artist Relations Grant Tilbury also said: “The music industry has been in flux for some time with the emergence of a culture of streaming that is unsustainable for artists in the long run. The pandemic has heightened the need for disruption in the market and Trackd is perfectly placed to lead the way to a new culture of artist and fan interaction. The revenue that artists will generate from our app will provide them with stronger financial footing, helping them when it comes to negotiating a record deal.”
Contact: Eleanor Smith, Context Public Relations
Tel: +44 300 1246099
Contact: Samuel Brunt, Context Public Relations
Tel: +44 300 1246094