NEW YORK–(BUSINESS WIRE)–Nov 20, 2023–
The co-founders of sports betting market leader, FanDuel, announce the launch of Fantasy Record Label, a new game where players compete to create and manage their own fantasy roster of musicians for cash prizes each week.
The game creates a new revenue stream for up-and-coming musicians and gives music fans a way to invest in their favorite artists while competing for points and cash prizes. Players are invited to imagine they are the head of a record label. Their goal is to sign the artists with the most growth potential and compete against fellow aspiring music moguls for chart dominance. Points and cash prizes are awarded weekly based on each label’s performance, measured as the overall change in Spotify monthly listeners across their roster.
Fantasy Record Label is the latest offering from Vault Music, the home for exclusive, limited-edition music drops for artists on the rise.
“Think fantasy sports but for the music industry,” says Nigel Eccles, co-founder and CEO of Vault Music. “I believe that unlike the sports and gaming industries, music has failed to energize top fans and embrace new formats. Streaming has been great for the music industry’s bottom line, but it serves passive listeners, not diehard fans. Our goal is to bring joy, pride, and competition back to collecting music, and create upside for both fans and artists in the process.”
Unlike fantasy sports, in this game, both the fans and artists earn. In order to sign an artist, fans must purchase one of a limited quantity of music drops from an artist on the Vault Music platform. By doing so, fans prove their early patronage and have the option to “sign” that artist to their fantasy roster. As an artist becomes more successful, demand for one of their limited-edition music releases increases, which drives demand and price action.
Given recent changes at DSPs to demonetize the lowest-streaming tracks, Vault Music’s founders believe that their Fantasy Record Label game will serve as a springboard for the next generation of music talent.
“The best part about this game is that we’re using fandom to put more money in artists’ pockets at the time when they need it most,” says Kara Burney, Chief Marketing Officer at Vault Music. “Already we’ve seen artists earn more with a single release on Vault Music than they’ve earned from streaming in a year. That’s because in our game, just as with real record labels, up-and-coming artists have the most potential upside. Our players are incentivized to discover, collect releases, and sign the next music stars to their fantasy label before their big break. It’s a music economy where everybody wins.”
How To Play:
- Music fans on Vault Music create their own “fantasy record label” and have the opportunity to “sign” five of the featured artists they believe in most. To sign an artist, players must simply own a piece of music by them on the Vault Music platform. Players can buy and sell or trade music tracks each week.
- Rosters are scored on the change in Spotify Monthly Listeners, a volatile metric that is tracked daily. Final Fantasy Record Label standings are calculated by adding all five artists’ Spotify Monthly Listener gains and losses over a one-week period. Each week the top 10 Fantasy Record Labels win cash prizes.
- Vault points are also airdropped each week based on performance. Points accumulate week over week, to encourage smart roster optimization and long-term strategy.
To learn more about Vault Music and the Fantasy Record Label game, please visit vault.fan.
ABOUT VAULT MUSIC
Vault Music is a new digital music format which allows artists to create exclusive, limited-edition music releases. Co-founded by the creators of FanDuel, our music format hyper-rewards top fans and creates a new revenue stream for artists. Music releases on Vault Music are limited — the artist decides the price and scarcity — so only a few fans can access each release. Fans can then decide to hold their collection or resell it on the Vault Music secondary market. Unlike secondary markets for physical vinyl, which don’t accrue to artists, artists on Vault Music receive a royalty every time a music release is re-sold, creating a perpetual revenue stream. We’re working with artists like BLÜ EYES, Jordan Hart, Naika, Telescreens, FLETCHER, and many more. Visit vault.fan to explore our latest releases.
View source version on businesswire.com:https://www.businesswire.com/news/home/20231120103108/en/
CONTACT: Kristen Grossi
talkTECH
310.994.6441
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: MUSIC ONLINE MOBILE ENTERTAINMENT TECHNOLOGY APPS/APPLICATIONS ELECTRONIC GAMES MOBILE/WIRELESS ENTERTAINMENT
SOURCE: Vault Music
Copyright Business Wire 2023.
PUB: 11/20/2023 08:06 AM/DISC: 11/20/2023 08:05 AM
Copyright Business Wire 2023.
