Spotify-killer Coda streaming announces the release of its first NFT
New York, NY - Second year student at Chico State University, Jack Piro age 19 was a computer science major until he just recently secured a $250,000 Venture Investment from JGJ Ventures to build his company, Coda Streaming.
Their Mission: Coda is the first music streaming platform and NFT marketplace that provides the tools to help artists grow a strong community by letting listeners invest in and own music royalties.
Codastreaming.com is the first music streaming platform and NFT marketplace that allows listeners to invest in the artists they love and profit alongside them. The goal of Coda is to provide a streaming and social platform that is focused on helping artists build an engaged fan base that is easily monetizable through an in-app NFT and royalty sharing marketplace.
The company is releasing its first NFT drop as a means of fundraising, promising to provide their first users with exclusive benefits when the platform goes live in a few months.
Piro notes of the moment he conceptualized the idea: "I first noticed the opportunity for a solution as my younger brother Sam and I were walking through Target. In the background I could hear faint speakers playing "Castle on the Hill" by Ed Sheeran. I remember turning to Sam and saying, "If artists were stocks that we could invest in when they were just starting out, we would both be rich!"
"Imagine finding the next Ed Sheeren while he is still playing in local bars and clubs and buying into his stock before a billion people discover him."
He said Sam agreed, and the lightbulb went off in his head. "I realized that other people probably feel the same way. I spent the rest of my time in Target frantically scribbling out the bare bones to the original concept for Coda in my notes app. I went home that day to find that some artists are already doing this with crypto currencies. I realized that more could be done and that by allowing listeners the opportunity to invest in who they believe to be the next Ed Sheeren or superstar, you turn more eyes toward the artists just starting their journey. Coda creates an incentive for music lovers to seek out, invest in and promote artists who need that initial boost."
Piro goes on about the current state of the Music Industry: "The industry is fraught with problems and it is time for a change. It has been a long history for artists who are not being compensated for their worth by labels and streaming platforms, where on average they only capture 8% of the value they generate."
It takes 1,000,000 monthly listens for each artist to earn even a minimum wage on other streaming music platforms. These platforms also offer zero resources for artists to connect to their listeners and do not give them any metrics on who their listeners are or where they are coming from.
There are only small and limited revenue channels available where artists have no real power or control over their publishing. These low compensation levels have become the market standard for these platforms and artists currently have no other choice but to distribute their music through them for all time low returns.
Piro has recently withdrawn from college to focus on building Coda Music Exchange full time. "With this new platform we hope to open up countless more streams of revenue for musicians while giving them full creative power over means of distribution. Here at Coda we are envisioning the end of the starving artist."
You can learn more about them and the details of their upcoming NFT drop at www.codastreaming.com or their Instagram/Twitter @codastreaming