Indie music distributor TuneCore has announced that its artists are approaching the milestone of $1 billion in revenue earned solely from downloads and streams. TuneCore along with its parent corporation Believe Digital are currently actively for sale.
TuneCore announced that its indie artists are approaching the milestone of $1 billion in revenue earned. That impressive number does not include revenue from other TuneCore offerings, such as Publishing Administration and YouTube Sound Recording. As of May 31, 2017, TuneCore artists around the world have earned more than $920 million collectively from over 75 billion downloads and streams.
Revenues are projected to pass the $1 billion mark in October.
According to the 2016 IFPI Report, while overall digital revenues for the global recorded music market grew by 17.7 percent, revenue earned by TuneCore's independent artists grew by 32 percent. Similarly, while streaming revenue for the global recording industry grew by 60.4 percent, TuneCore's streaming revenue grew by 85 percent.
To both celebrate and reach the $1 billion goal sooner, Tunecore has launched the "Billion Dollar Club.
For a limited time, artists can upload a single for worldwide distribution free of charge, using the special coupon code "BILLION" (U.S., Canada, UK and Australia); "MILLIARD" (France); "MILLIARDE" (Germany); and "MILIARDO" (Italy). TuneCore will host a count-up tracker on the TuneCore website to show artists' progress toward reaching $1 billion in revenue.
TuneCore is also giving artists the chance to be featured on TuneCore's curated Spotify playlist. To participate, artists need to share a screenshot of the cover artwork from their release through TuneCore, post it to Instagram and tag their post with the #TCBillion campaign hashtag. TuneCore artists can also add a "Billion Dollar Club" badge to their Facebook profile pictures to showcase their contribution to this outstanding milestone.
TuneCore will continue to roll out additional content aimed at engaging artists throughout the summer, including music education videos featuring TuneCore musicians.
"TuneCore is incredibly proud of our artists for reaching such an impactful industry milestone while keeping 100 percent of their earnings through streaming and downloads," says Scott Ackerman, CEO at TuneCore. "We are deeply committed to helping our artists maximize their revenue, which is why we are so excited to celebrate as they approach this historic achievement. We encourage artists around the world to join the Billion Dollar Club and help reach $1 billion in artist earnings ahead of our projected date."