Carter will be the strategic advisor to SoundCloud CEO Michael Weissman and will be part of the company’s Board of Directors.
Music streaming platform SoundCloud has added Spotify veteran and music industry executive Troy Carter as one of the Board of Directors. According to the company, this move comes with its decision to accelerate the platform’s transformation to a music streaming company that focuses on building deeper and more direct relationships with artists, music fans, and record labels. This should create an environment where increasing and boosting SoundCloud plays can be expected instead of being an impressive surprise.
Apart from his new position, Carter will continue to lead Q&A separately. Notably, Q&A is a music and technology company that he owns.
According to SoundCloud, Carter is one of the music industry’s most influential executives. He helped drive huge success to various media and entertainment companies that stand at the intersection of technology and culture.
Last year, Carter publicized the launch of the software division of Q&A called Venice Innovation Labs. This division helps record labels with artist roster management, data analysis, as well as distribution.
Before he founded Q&A, Carter first founded and served as the CEO of the branding, entertainment, and artist management company Atom Factory. He also served as the Global Head of Creator Services at Spotify. He left this role in September 2018.
Michael Weissman, SoundCloud’s Chief Executive Officer, said that Carter is among the few leaders who operated and succeeded in all aspects of the music industry. He added that at all times, he is a step ahead of everyone else.
Weissman also noted that he and Carter share the same vision and excitement for the potential of SoundCloud in shaping the future of the music industry. In addition, he said that he could never think of anyone who better fit to join SoundCloud while it is taking a path to a new phase. Weissman ended the statement by saying that he feels honored to welcome Carter to the SoundCloud Board.
According to the Q&A CEO and SoundCloud Board of Directors member, independent music is still the fastest-growing sector in the music business. SoundCloud sits in the center of the industry.
Carter is looking forward to working with Weissman and the entire board in unlocking massive future opportunities for independent creators and record labels around the world. He emphasized that the music streaming platform is built for independent artists. It is obvious that the “future of music is independent.” He noted that SoundCloud sees this shift and tipping point where more features and funding are available. There will also be a more direct connection between artists and listeners.
Moreover, the former Spotify executive said that if SoundCloud positions itself as an artist-friendly platform that offers services to independent musicians, it will thrive and grow.
The new board member of SoundCloud has years of experience walking on the tricky terrain that connects artists, technology companies, and record labels. He was able to make a name in the music industry when he became the manager of singers John Legend and Lady Gaga. in 2016. He became the primary liaison with the music industry of music streaming service Spotify.
During that time, Spotify was heavily criticized for not paying its artists enough and staying divisive in the music business. While Carter was working in Spotify, the company grew twice in size. From 100 million users, its users grew to nearly 200 million.
In the past, SoundCloud faced a few issues with the record industry over their licensing work. But those issues have long been forgotten since Singapore’s state-owned investment fund Temasek Holdings and Raine Group LL acquired the majority of the stake in 2017. Alex Ljung and Eric Wahlforss, the co-founders of SoundCloud, stepped aside and gave the CEO position to former Vimeo Chief Executive Officer Kerry Trainor. On the other hand, Michael Weissman became the chief operating officer.
Moreover, the music streaming company also received a $75 million investment from Sirius XM Holdings In.
After that, Weismann became the SoundCloud CEO. During his stay as the chief executive, SoundCloud’s revenue has grown three years in a row.
According to Weissman, the company is in perfect shape and is transforming for the future.
To better serve independent artists, the open audio platform has explored new methods of paying them. The plan is to tie their payments directly to their share of listenings that came from individual users.
Right now, all music streaming services are using the pro-rata model. In this payment method, all the subscription money that a platform receives is put into a pool. These funds will then be distributed proportionately to a variety of record labels as well as royalty collectors. Then, those intermediaries will be responsible for paying the artists. Needless to say, most of the money collected from subscriptions is kept by streaming services and major music companies. As a result, the major artists receive a disproportionate share of profit.
But with the new potential approach of SoundCloud, some 90,000 acts would get paid directly from the service based on the number of listens they had.
Moreover, both Weissman and Carter declined to tackle any new plans for payments. However, they said that the open audio platform’s top priority is to develop products that will bring benefits to independent artists.
Finally, Carter noted that if people look at Spotify, Amazon, and Apple, those are not necessarily places where people will listen to indie music. In addition, they are not platforms where independent acts can develop their careers.
Date: July 6, 2021 / Categories: Marketing, / Author: Joy P
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