Arena Music to Pay Artists in Bitcoin

Announcements, FinTech, Innovation, News | May 9, 2017 By:

Phoenix-based music streaming platform Arena Music will provide payouts in bitcoin for music streamed through its platform. The payment system will start in June after a six-month pilot.

Arena Music is an on-demand merchandising storefront that leverages its free music streaming service to sell band-related merchandise. Streams are available through the web site or via an app on iOS and Android.

By using the music as a loss leader, Arena hopes to help artists and labels redirect consumer attention to their merchandise offerings, which usually offer bigger margins than the actual music. The company has been testing its concept in the Phoenix and Atlanta over the last six months.

The first band to receive bitcoin payouts is an independent punk band called Red Tank!, who released their third full-length album, “BIO/FEEDBACK” in collaboration with Arena Music last year. The company did not reveal the amount of the band’s compensation.

“Phoenix is seeing the impact of Arena Music payouts in bitcoin,” said Arena Music founder and CEO Damon Evans. “We’re watching our local music scene build the foundation for an entirely new way of releasing single tracks and full albums that pay each writer, producer and featured artist their shares of the $0.01 per stream Arena offers in bitcoin.”