The SoundCloud platform recently added a new feature that allows users to directly support artists. The new feature will help musicians who are unable to perform concerts due to COVID-19 and now rely on financial support through online platforms.
In order to address this, the company added a button to pages on the SoundCloud platform, that will link to an artist's PayPal, Bandcamp, and Patreon. This means that fans will be able to directly support artists through this uncertain time. The button will also be added to the platform for an indefinite amount of time.
Above the new button reads an explanation which states, "The COVID-19 virus has impacted the creative community around the world. Show support for your favorite creators."
Artist-Supporting Music Platforms
The SoundCloud Platform Added New Ways to Support Artists
Trend Themes
1. Artist-supporting Platforms - The trend of platforms directly supporting artists who have been impacted by COVID-19 has potential for another level of disruptive innovation by developing new ways to support and showcase emerging talents.
2. Direct-to-artist Support - Growth in the trend of providing customers with direct access to support emerging talents has potential for another level of disruptive innovation by diversifying payment options with new technologies.
3. Crowdfunding for Artists - The trend of crowdfunding for artists will continue to disrupt the traditional music industry by providing musicians with alternative and sustainable forms of receiving financial support.
Industry Implications
1. Music Streaming - Opportunities for disruptive innovation in music streaming could include creating new features that incentivize direct financial support to artists, or developing more personalized experiences for users based on their support of emerging talents.
2. Online Payments - The trend of direct-to-artist support presents opportunities for disruptive innovation in the online payments industry by leveraging blockchain technology to create more secure and efficient transactions for customers and artists alike.
3. Crowdfunding Platforms - The growth of crowdfunding for artists presents opportunities for disruptive innovation in crowdfunding platforms by expanding their services to allow musicians to create and fund their own music projects.