To the many of our readers who have ever surfed through the online retail store Beatport, you might want to check out what their former CEO is up to that can help change the virtual landscape of electronic dance music.
Matthew Adell, who was the former CEO of Beatport for the five years before SFX bought it for over $50 million, has teamed up with the CTO of Boomrat Michael Mukhin to run a new company known as MetaPop. The new company is aiming to take care of the problem of the overabundance of remixes across YouTube and SoundCloud that are either taken down over copyright infringements or left up on the Internet with zero way of being monetized.
After 18 months of dedicated research, Adell and Mukhin found that there are an estimated 8 million unofficial remixes on YouTube alone. By comparison, Beatport has around 100,000 unofficial remixes in its store. In total, the remixes account for as much as half of all plays on SoundCloud which doesn’t include official remixes at all. The math goes to show that unofficial remixes get at least 1 billion plays monthly and if MetaPop had been established within the last ten years that record labels would have over a $1 billion in revenue.
With over 7000 independent dance music labels and over 1000 remixing artists signed, MetaPop allows its artists to access all of the catalogues of the imprints signed with them. From there, the artists are allowed to host their remix to their channels but they must be published through MetaPop as to allow them to collect ad revenue. The final step involves MetaPop splitting the profits between themselves, the rights-holders, and the artists. Now imagine if major labels got behind this idea and more artists signed up.
There would be a lot of pockets filling up with money people have been ignoring.
And that’s the point. MetaPop could potentially be the company to expand the amount of artists discovered while paying the record labels for working with them. By opening these doors, Matthew Adell and Michael Mukhin have created a brand new business where no one has been looking. Although still in its beta form, the goal of MetaPop is to have over a million cleared tracks that signed remixers can get their hands on by the start of fall.
H/T: Pulse Radio