Maybe thatâ€™s web 3.0
The concept is simple, connecting creators, in this case musicians, and believers, in this case investors. You enter the website, check some interesting stuff (out of 5 bands Iâ€™ve listened to, I liked 2, not necessarily a good statistic but gets you going anyway), and if you like it, you make a contribution for the artists. However, this contribution is not a simple â€œyes my boy, keep the good workâ€ action, but actually it grants you a share of the artistâ€™s stocks. The top goal for each artist is to reach US$ 50.000, so each US$ 10 (the minimum) contribution gets you 0.02% of the contract. I checked the charts for contribution and some artists have already reached US$ 14.000, with a single believer putting US$ 810 out of his own pocket.
So, itâ€™s about user generated content but what itâ€™s even greater itâ€™s about user generated investment capital. As Jochen put it â€œitâ€™s P2P VCâ€.
Of course the final goal makes you wonder: do you really need that much money to record a CD, especially now with pro-am equipments and all the DIY music culture? Well, I guess the money itself itâ€™s just a part of the buzz. Each contribution gets an exclusive CD, so thatâ€™s already 5.000 copies the artist needs to send out (plus shipping), which I would imagine is not that cheap. But anyway, you get to take part of a collaborative investment; you get a CD for your money and may even make some money in the long run, so.