It’s two paragraphs in to this article when our eyes rolled at the claim that “the music industry’s revenue has been mostly stagnant for the last 20 years”.

The IFPI’s data shows that global recorded-music revenues fell from $20.1bn in 2002 to a nadir of $13.1bn in 2014, before growing to $26.2bn in 2022. A new definition of ‘stagnant’ for sure, even with inflation taken into account.

The article in question is a press release published on crypto site CoinTelegraph by a startup called Ampy. It also claims to be “launching the first Web2 vampire attack on Spotify, giving ownership back to artists” with an NFT-driven product that it describes as “a Spotify Wrapped on steroids available 24/7 – not only in December”.

If we can offer some polite advice to web3 music startups, it’s first to lose the music-industry’s-saviour rhetoric, and second to rein in bold promises to disrupt a music service with 551 million more users than you. Better to focus on what’s interesting about your service or platform.

And Ampy does sound potentially interesting: a dynamic NFT that gathers data from Spotify, TikTok, album and ticket sales and interactions on other web3 music services, and enables artists to identify their keenest fans through a rankings system.

There could be something in that, so the task for Ampy will be signing up enough fans and artists to give it momentum (while crossing its fingers that promising a vampire attack on Spotify doesn’t make the latter put a stake through its API access).

It already has Sony Music listed as a partner on its website, along with Polygon and Saga. No, not the holidays-for-over-50s people: the web3 multiverse startup of course.

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Music Ally's Head of Insight