Most artists never make any money from plays of their music videos on YouTube. But Newcastle University graduate Kerr Wilson hopes to change that and help musicians make more money from music videos (and more) with the launch of CreamFloats.
According to the global video and music search engine Pex, YouTube hosts more than 330 million music videos, and according to Brandwatch, 93% of the most-watched videos on YouTube were music videos. Yet despite such staggering numbers, few musicians today make any money from plays of their videos. In one example published in Digital Music News, one artist (who wished to remain anonymous) released a YouTube Content ID royalty statement showing that he earned a mere $64.40 for 1,048,305 video plays. If such paycheck numbers seem shocking to you, and you think there must be a better way, you understand what compelled Wilson to create CreamFloats, the new video-focused music platform to help musicians make more money from videos while holding ownership of their music.
Founded in March, 2017, in Edinburgh, Scotland, CreamFloats germinated as a response to the devaluation of musical content by music streaming services, the disjointed nature of discovering music on YouTube (the most-used search engine on the planet after Google), and negligible-to-zero opportunities for most artists to realize more than chump change for their online music videos.
Through profile interactions, videos, charts and the ability to browse and make in-house purchases, CreamFloats helps listeners find new music, support artists and drive content exposure, giving artists the opportunity for success through their own means. And they plan to go a step further.
Having been recently awarded a SMART Grant from Scottish Enterprise to integrate blockchain/cryptocurrency technologies into the CreamFloats platform, the technology will enable artists to bind the IP of their content with cryptocurrencies or “tokens” to easily turn content into a tradable asset. If someone overseas pays a pound for an artist’s content, for example, all of an artist’s token holders (or, funders) will receive a pro rata share of that pound, replicating a record label’s financial contribution to an artist’s career, but with a difference. Where record labels can currently scoop 85% of royalties from their artists, CreamFloats currently pays artists over 80% of all song sales while enabling artists more ownership of their music.
In other words, CreamFloats hopes to be the clear alternative to record labels while artists embark on their careers. And it’s working. CreamFloats currently has over 1,000 bands (and counting) from around the world who have created free accounts to share videos, stream live performances, sell songs directly to fans, keep people informed of upcoming gigs, and more.
“At CreamFloats, we have the answer to reduce the hierarchical dominance stifling undiscovered music,” said Wilson in a recent SMIA Members Spotlight interview, “and effectively unlock the doors for up and coming artists. Every small victory toward pursuing this vision feels pretty satisfying.”
Said more simply, CreamFloats is a new platform out of Scotland that is cued up to give the music industry a real run for its money, and Wilson is hoping that more artists get behind the movement as CreamFloats continues to grow in the future.
To create your free CreamFloats page (with separate options for listeners and artists), visit https://creamfloats.com/home.