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Jeff Price Net Worth

Living in the age of streaming has been definitely weird. Almost all of the major media companies out there have their own streaming services. Everybody just wants to have a piece of the revenue pie. But creating content for these services cost a lot of money. They spent millions of dollars for a show that only a few people watched. Sometimes it might be that the show is bad. Though it could also be because streaming services aren’t really that great at marketing their shows. It sometimes feels like they’re relying on people on social media to organically promote it.

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Any kind of streaming services goes through a lot legal processes before any type of media becomes available on their platform. You have to get the streaming rights for a movie, a film or song in order for you to use it and monetize the use of it. It involves talking with your own legal department and the respective department of the company you’re buying the rights from. It’s sort of easier for companies like Disney or Warner Bros. Discovery to put their content on their respective platforms. But they still have to clear the rights from themselves before they put it on the platform. You’re not exempt from your own legal practices.

Streaming services like Spotify or Apple Music are sort of a bit trickier to talk about. YouTube is still the predominant way that people use to listen to music, but the ones I mentioned earlier both have fairly large userbase. Spotify is a lot more common because it’s not as tied down to an ecosystem as Apple Music is. Though you can stream on Apple Music through an Android phone or a Windows computer. But it still is meant for you to get sucked into the Apple ecosystem. But I digress.

Music streaming services are still weird when it comes to paying out artists on their platform. There’s a piece by Vox about how viral songs on TikTok are shaping the music industry. There’s a huge chunk in it that goes through the payment structure for royalties. The way that music streaming services get songs in their platform is similar to how they do it for Netflix or Disney+. They go through the legal means of licensing the songs from the record label that handles a certain artist’s music. They pay a bit of money upfront to get their songs in the platform. Aside from that, they also pay royalties every time the song gets played.

A huge chunk of the subscription that we pay for a service like Spotify mainly goes to them. The rest goes to paying royalties. And depending on the popularity of an artist on the platform, the amount they get from those streams isn’t a lot. Still, artists need to be compensated for their work regardless of how much they get from it. That’s why there are people like Jeff Price come into play.

Jeff Price was a co-founder of an independent record label called spinART Records. He really knows his stuff when it comes to the process of distributing and releasing music. He spent almost two decades before the label filed for bankruptcy. He went on to launch TuneCore, a digital distribution platform for artists. He spent six years building up the platform that had generated $700,000,000 in gross sales. Eventually, the company was acquired by Believe in 2015.

Five years later, he launched WordCollections, a company that handles licensing for spoken word and comedy albums to different streaming platforms and to broadcasters. In between TuneCore and WordCollections, Jeff also launched Audiam, a royalty collection agency. Audiam was acquired by SOCAN in 2016. It’s definitely nice to know that Jeff Price has had an artist-first mentality for the things that he helped build. Jeff has managed to earn a personal net worth of about $3,000,000.

Royalties in the streaming era is definitely hard to figure out. The people that the major streaming platforms collaborate with are the major labels. There is still an uphill battle for artists to get paid more for releasing their stuff in the places where people listen to music. There are a lot of platforms that are generous when it comes to paying royalties. But I do hope it becomes more prevalent in the industry.

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