TikTok has launched an all-in-one platform for music creators called SoundOn. According to the website description, with SoundOn music creators can promote their music together and get 100% of royalties without administration fees.
To join SoundOn, music creators will have to sign a License Agreement to upload music to TikTok and exclusive partners (e.g. music streaming service Resso).
The platform also has the so-called SoundOn+ version where music experts will listen to the music made by creators and help promote tracks of "great potential." The website's FAQ says:
Our industry experts are not only willing to help you promote your track, but we are also willing to help you grow your fanbase and become more mainstream.
According to reports, the payout is 100% in the artist’s first year. However, it will be decreased to 90% in year two and beyond although artists will retain all content rights.
Earlier in January, Sound.xyz, a web3-focused music startup, raised a $5 million seed round led by a16z to change the way artists can make a living off their music "with true fans."
The startup added that other investors, including 21 Savage and DJ Drama also participated in the funding. According to Sound.xyz, the economic model for streaming isn’t just broken, it is “failing to unlock the full value of music and facilitate listeners’ desire to directly support artists and discover music as a community.”