Hey plebs, wanted to let you know where I'm at with my value for value release. It's nearly been a month and I've been blown away with the generosity and engagement from this community, so thank you all for the donations! I've run the numbers, they are humble, but prove a point. That lightning is the best payments technology we have ever seen and can offer much needed hope to artists trying to monetise their content online! I want to open source the data from my voltage node 'open the sauce', and let people know how this compares to current conventional streaming models for music.
Since throwing up the lightning tip jar on my site, I have made nearly £80 (roughly 440,000 sats). To compare this to a streaming service like Spotify, where for every 250 streams you earn about £1. This is based on £0.004 per stream (https://songlifty.com/how-many-spotify-streams-do-you-need-to-make-1/ )
So to make the £80 I have made this first month, I would have needed 20,000 streams. To put this into perspective, I have had cumulatively over the 5 years of being on Spotify only around 8000 streams, which should have made me just £32 ( I haven't seen it...). So that means this value for value release has made me 2.5x the revenue in 4 weeks as I've made on Spoitfy in 5 years... Or across the same 4 week time frame 160x more...! The money we're talking about isn't much but I think you'll agree that the stats speak for themselves.
Do you all think it's a good idea to open source the data on twitter? I was thinking of releasing information like; total amount, largest donation, smallest donation, average tx size...
Is there any other info you think would be relevant that I could include?
Also, I have approached some music podcasts with this topic but haven't recieved any interest so far... Was thinking it would be cool to try and bridge the music world with lightning and V4V but maybe we're too early. When I tweet this post out next Monday, it would be great if ya'll could share this info far and wide (@joemartinmusic) and if you still haven't heard the song yet, you can find it at https://www.joemartinmusic.com/highgravity
Thanks for your support and continued engagment. There's much more to come ⚡️⚡️⚡️
I think that's just fantastic, and shows the power of V4V. Thank you for sharing the numbers!
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thanks Gigi, you the man!
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Are you considering perhaps offering other artists their own tip jar on a common site to create a mini "fountain" type competitor to spotify?
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that would be cool to have in the future. I don't think the average person is going to listen anywhere else other than Spotify because of its convenience and network effects. This is just asking people to visit my site and send to the tip jar if they liked the song. There's still big hurdles to participation, until something like strike is released in the UK, the average person will struggle to participate. I am going to experiment with paywall stuff integrating Mash into my website in the near future and monitor if V4V or pay per play works better...
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I would but I'm not a coder. I don't know if fountain is open source and someone could fork the project to tailor it for music... For the time being, guess I'll hang out on fountain. But uploading to RSS costs £8 per month or £100 a year. So would have to get a lot a streams to break even... Could work though...
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Thanks for sharing! The comparison to Spotify is valuable information. Can you tell if the tips are coming from just your website? Or are there also tip jars elsewhere that may be accounting for it?
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just from my website as that's the only place I have the link to my btcpay server. I've had normal fans reach out to me and ask how they can tip because they've never heard of lightning and don't know what btcpay is... It's frustrating as ideally I'd just refer them to an app like strike and they could participate but it hasn't been released in the UK yet... still waiting...
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