We started Subwoofr because we wanted to make a positive impact on the music industry. There is a clear disparity between the value that modern consumers extract from music and what is contributed back to the artists who create it. It's not sustainable for most artists to exclusively make money from live performances - they can only be one place at any time, and there are only so many days in a year they can tour. Not to mention how difficult touring can be for an artist.
We're not ones for looking back. Streaming services have changed the dynamics of the industry, in many ways for the better. Our goal is not to displace these services, but rather to complement them with solutions that cannot be provided by a service that provides access to every artist, every genre and every song on the planet. Artists have so much to offer beyond the music, and we want to help them unlock the monetary value of it. It's clear that modern consumers don't want to pay for music, but artists have so much more value to offer that people will pay a premium for.
There are many services out there that are trying to solve this problem, but most are trying to create ecosystems of their own. For us, this is not the answer. We already have enough ecosystems - Spotify, Facebook, Instagram, Soundcloud, Twitter, etc. The last thing music artists need is another place they need to put their stuff and keep up to date. Instead, they need to start taking back control of their content, brand and fan community in their own ecosystem.
For many artists, if you look at their website, many of the links are sending you to third-party websites to access their music, videos, tour dates, tickets, merchandise, community, etc. A lot of newer artists don't even launch a site of their own, instead relying on their social media presence for their online base. This is a huge mistake. Every time you send your fans to a third-party ecosystem, you risk losing the connection to that fan. Most of the top online e-commerce websites are almost obsessive about the concept of "cart abandonment", that is, those visitors who add items to their shopping cart but fail to follow through and purchase. Every time you send your fans to YouTube or Facebook or anywhere else, you are dramatically reducing your chances of keeping your fans' attention, as your message will get lost in the ocean of content that exists on these platforms.
That's where we come in. At Subwoofr, we are not building another ecosystem - we are building the tools that allow artists to start their own ecosystem, one where their most loyal fans will engage like never before, and where artists can reap the rewards through innovative payment solutions.