As part of a larger push to encourage and increase ownership across institutions that monetize Black culture, Meek Mill is trying to start a brand new music platform with help from Lil Durk and 21 Savage.
The 33-year-old Philly native recently sent out a tweet asking for "top Silicon Valley steppers" to build an app – for the right price – under their "majority" ownership. The trio hopes to get things moving in 2021.
Would be pretty fire: He later explained that while he respects Spotify and the "millions" the platform helps him generate, he's looking to create a product "where we can maximize Black wealth."
Meek continued, "We not even trying to build the same thing as Spotify ... Tidal ... Apple we wanna build a platform/tool and connect it with those big big companies and eat and build up some billion dollar s**t!"
While there are a lot of benefits to controlling the technology behind music distribution, there are also a handful of drawbacks to consider, like the huge cost of running a global streaming app.
Woah! Audiomack executive Brian "Z" Zisook believes the "real money" lies in owning the music itself, pointing out that Spotify has never turned a profit since launching over a decade ago and spent nearly $9 billion in expenses in 2020, a 26% increase from 2019.
Of course, Meek's got bank – he's trying to buy property in Ghana at the moment – but he may discover this investment is too risky. Instead, he should link with his Roc Nation boss JAY-Z and figure out how to optimize Tidal's finances for Black creators.
The company already has a head start. Tidal pays its artists $0.01284 per stream, more than any other platform. So, with 1,000 streams, an artist would earn $12.50.