Royal (Royal.io) is a US-based platform that sells music rights as limited digital assets.[1] It was founded by Opendoor co-founder JD Ross[2][3] and DJ and electronic music producer Justin "3lau" Blau[4][5][6] It is headquartered in Austin, Texas.[7]
| Industry | Music |
|---|---|
| Founder | 3lau (Justin Blau) |
| Headquarters | , U.S. |
Key people | 3lau (Justin Blau) |
| Website | www |
History
editRoyal was founded in May 2021 by Justin Blau, who is popularly known as 3lau.[8] The company is backed by musicians such as The Chainsmokers, Logic, and Kygo.[9][10]
Royal founder 3lau gave away the first tokenized music offering in a contest for 50% of royalties for his song "Worst Case" in 2021.[11] After the giveaway, the song was noted as the world's first fan-owned song.[12][13]
Royal partnered with rapper Nas to sell streaming royalty rights for the songs "Ultra Black" and "Rare" through its platform in January 2022.[14][15] Through this initial sale, Nas became the first artist to sell song rights through Royal.[16][17]
Diplo became the next major artist to sell streaming royalty rights through Royal in March 2022, selling royalty rights to the song "Don't Forget My Love."[18][19][20] Duo Tritonal followed shortly after, selling ownership of their single "Getaway" in April 2022.[21]
In July 2022, they started the first round of royalty payout to the fans.[22]
Other artists who have sold song rights through Royal include Vérité[23] and Ollie.[23]
Services
editRoyal sells Limited Digital Assets (LDAs), which grant buyers a package of music rights and benefits. Buyers own a portion of a song's streaming royalty rights and earn royalties alongside the music artist.[24] Royal also allows buyers to redeem benefits and rewards chosen by the music artist who created the song they own.[25]
Song rights are divided into three different tiers with separate rewards and ownership percentages.[21]
References
edit- ^ "Nas Partners With Royal to Offer Streaming Royalty Rights for Two of His Songs". Complex.
- ^ "The Chainsmokers, Nas, and a16z back NFT music market Royal in new $55 million Series A". Fortune.
- ^ M, Vikas (August 28, 2021). "Royal raises $16M in seed funding round led by Founder Funds & Paradigm".
- ^ "Founders Fund backs Royal, a music marketplace planning to sell song rights as NFTs".
- ^ Cirisano, Tatiana (August 26, 2021). "Earn Money for Your Music Taste: 3LAU Raises $16M for Music Rights Marketplace Royal". Billboard.
- ^ "Musicians turn to NFTs and other digital goods to disrupt the music industry and reward loyal fans". Fortune.
- ^ "Prior to Launch, NFT Music Platform Royal Raises $16M With 3LAU at the Helm | Built In Austin". www.builtinaustin.com.
- ^ "DJ Justin Blau made millions with NFTs. His next move could disrupt the music business". December 3, 2021.
- ^ Cihak, Lennon. "The Chainsmokers Are One of The Most Popular Groups of the Last Decade, According to Study". EDM.com - The Latest Electronic Dance Music News, Reviews & Artists.
- ^ "Spotify's Premium Content Strategy Director Darya Pourshasb exits, joins Justin Blau's NFT platform Royal". Music Business Worldwide. April 20, 2022.
- ^ Sunkel, Cameron. "3LAU's Next Song Will Be 50% Fan-Owned". EDM.com - The Latest Electronic Dance Music News, Reviews & Artists.
- ^ "3LAU releases world's first fan-owned song, 'Worst Case' with CXLOE". Dancing Astronaut. October 12, 2021.
- ^ "3LAU's Worst Case to be the first "fan owned" song on blockchain music platform Royal". MusicTech.
- ^ "Nas to let fans buy shares in streaming royalties via NFTs on music investment platform Royal". Music Business Worldwide. January 6, 2022.
- ^ "NFTs Explained: How the Music Industry and Black Creatives Are Reshaping the Game". BET.
- ^ "Nas Is Selling Royalty Rights to 2 of His Songs As NFTs". HYPEBEAST. January 6, 2022.
- ^ "Nas to sell royalty rights to two of his songs as NFTs". NME. January 9, 2022.
- ^ "Diplo is the latest artist to let fans buy shares in his streaming royalties on $55m-backed NFT platform Royal". Music Business Worldwide. March 25, 2022.
- ^ "Diplo fans can soon earn passive income for streaming one of his latest singles". March 25, 2022.
- ^ Eggertsen, Chris (March 31, 2022). "The Deals: Diplo Strikes Royal Partnership, WMG Plays Games With STYNGR". Billboard.
- ^ a b "Tritonal give away ownership of their latest single as an NFT on Royal". April 5, 2022.
- ^ "Justin Blau and "Royal" Create First Artist-Fan Monetization Pipeline With Initial Round of Payouts". HYPEBEAST. 2022-07-28. Retrieved 2022-10-16.
- ^ a b "Ollie partners with DJ 3LAU's Royal for first Web3 project 'Phases', to drop 'Underrated' EP as NFT". Ollie partners with DJ 3LAU's Royal for first Web3 project 'Phases', to drop 'Underrated' EP as NFT | Bandwagon | Music media championing and spotlighting music in Asia. March 3, 2022.
- ^ "3LAU Sells 100% Of 'IRIDESCENT' EP's Master/Publishing Rights To Fans Via NFTs". February 27, 2022.
- ^ "Pitbull on investing in music NFTs and 3LAU on surging fan interest: CNBC Crypto World". CNBC. April 19, 2022.