For the past few years, Snoop Dogg has been one of the biggest advocates for NFTs while also criticizing the current streaming model. In 2022, after securing the rights to the Death Row Records catalog, he removed most of it from streaming services and kept them off until earlier this year. Meanwhile, he told fans he wanted to make Death Row an “NFT record label” and maneuvered to have his supergroup Mount Westmore’s first album released as an NFT on Gala Music.
In a new interview, he revealed what prompted his interest in NFTs: Only getting $45,000 from 1 billion streams on Spotify.
Appearing on the podcast Business Untitled, Snoop explained that creators were using his likeness and name to promote various products and although he was mad at first, his embracing them allowed every one to make money “and not have to pay Apple 30 percent… to directly get it, sell it, and resell it. That was like real estate.” The difference, he said, was “transparency.”
“That’s what the music industry and the film industry doesn’t have, so this was a way to show transparency,” he said. “‘Give me a song,’” he said from the perspective of a traditional label exec. “‘I’m taking 60 percent ’cause I’m putting it out for you, you getting 40 percent. That may sound like a lot, but you just made $100,000.’ In the streaming world… They just sent me some shit from Spotify, where I got a billion streams. My publisher hit me. I said, ‘Break that down, how much money is that?’ That sh*t wasn’t even $45,000… when [NFTs] came out, I could tell an artist that same song that you put out traditionally that didn’t make no money, give it to me. Every time you sell it, if somebody else sell it, you get 10 percent of it.”
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- Source: https://cryptoinfonet.com/nft-news/snoop-dogg-only-got-45k-from-1-billion-streams/
