Crypto influencer Cooper Turley has started Cooper Records with $10 million in funding.
Coop Records is backed by crypto brokers such as Audius and OpenSea. Turley says he seeks to resolve the power imbalance in the music industry associated with labels and streaming services. He thinks NFTs are the right vehicle for a change of place.
“The biggest word I think of when it comes to web3 is ownership,” Turley Tell CoinDesk. “If you create a value for a network, you should be able to capture that value in the form of a token or some kind of NFT,” he explained.
Turley says Coop Records will act as an incubator, venture capital firm, and record label all rolled into one.
He believes that web3 is creating new models for monetizing music, with NFTs being only one means. “Coop Records invests in platforms, artists, and tokens that are uniquely enabled by web3. Think of it as a mix between an investment fund, a record company, and an incubator. We work with founders to create new revenue streams for music.” chirp.
“We should be able to invest in our favorite artists. What if an artist raised capital to build an ecosystem for his fans? That’s the focus of what we call ‘Artist Seed Tours.’ Coop Records is excited about investing in artists,” continues Turley.
“The biggest artists on Spotify should have stock in the company. This is why Coop Records brings in a select group of trusted artists as investors. Coop Records makes investing in music companies more exciting,” continues Turley. Turley is the co-founder and promoter of the online social club Friends With Benefits DAO. He was removed from the organization after racist tweets from years ago resurfaced.
It now appears that he will focus on trying to bring the web3 (another) approach to the music industry.