Kasabian’s Ian Matthews’ web3 business Chapel has acquired music smartlinking startup Amplify.link.
The post-acquisition startup is now called Amplify and it will use web3 innovation to bring together and empower artists to thrive in the modern world. Amplify gives artists the ability to create long-lasting income from live gigs – well after the gig is over.
Amplify says the music industry is worth over $44 billion globally, yet artists only see on average 12% of the profit. The remaining 88% is divvied up between record labels, streaming services, and other middlemen. Amplify aims to give artists a way to monetize their captive audience more effectively, using web3 solutions to reach them.
“Amplify’s mission is to build a bridge between web 2.0 and web 3.0. Empowering artists to earn more whilst creating sustainable businesses around their passions, own their data, and engage with their audiences like never before, maximizing our collective artistic experience,” the press release claims.
“Web3 will have a huge role to play in the future with the music industry,” says Ian Matthews, Kasabian drummer & Chief Music Officer at Amplify. “It will open up a whole new realm of possibilities in the way artists are rewarded for performing both live shows and within virtual events.”
“Having worked a musician most of my life I am well aware of the constant financial pressure that comes with the job, so I’m excited to head-up a project that aims to make it far more financially viable to work and survive in the industry,” Matthews continues.
“Amplify is leading the way in helping emerging and established artists get fairly paid for their work,” says Irfon Watkins, CEO of Amplify. “Amplify.link was an obvious fit for Chapel, our perspectives aligned and we are both on the mission to democratize the music industry.” Amplify says it has over 86,000 artists and creators using the platform and connecting to more than 19 million fans.