Feedbands has integrated Bitcoin to pay listeners, artists, sharers and scouts automatically for streams. Here’s how it works:
Qualified streams are those that trigger payments. Every active, paying member of Feedbands receives 300 qualified streams each month. These are the first 300 songs that the member listens to from start to finish. Once a member has reached 300 full streams for the month, they can continue listening and using the site as usual, but their streams are no longer qualified. In addition, streams from non-users, or non logged in users, are not qualified streams. Only qualified streams trigger payments.
For each qualified stream, Feedbands pays the listener, the artist, the person who shared the song (if any), the person who scouted (signed up) the listener, and the person who scouted (signed up) the artist. Everyone is paid in Bitcoin, and the amount of Bitcoin they receive is equal to the following amounts at the time the payment is distributed:
Listener: .5 cents of BTC (note that this is more than artists make streaming a track on Spotify – just for listening)
Artist: 1 cent of BTC
Sharer: .15 cents of BTC
Listener Scout: .15 cents of BTC
Artist Scout: .15 cents of BTC
Just as with any independent contractor relationship, we will need a completed W-9 if your earnings reach the legal requirement, and we report all payments made to contractors to the government.
Active Feedbands members receive a link that they can share on social media, text message, email, etc. When an artist clicks that link and then signs up for Feedbands and uploads music, etc. the Scout, or owner of that link will earn Bitcoin on every qualified stream that that artist generates on their music for the life of their account, as long as the Scout’s Feedbands subscription remains active. The current rates are referenced above.
Active Feedbands members can use their Scout link to sign up listeners as well, and will earn Bitcoin on each qualified stream for the life of the listener’s account, as long as the Scout’s Feedbands subscription remains active. The current rates are referenced above.
When a Feedbands member shares a song on Feedbands, they can earn Bitcoin in three different ways:
So, by sharing music, you earn Bitcoin when Feedbands members listen to the songs you share, when non-Feedbands members sign up after listening to the songs you share, and when artists sign up after listening to a song you share.
You can set your payout threshold to whatever you choose above $5, but please note that Bitcoin transfer fees do come out of your payment. Currently, the cost to make a Bitcoin transfer is about 14 cents. To avoid paying a disproportionately high transfer fee, we have set the minimum transfer threshold to $5. You can adjust this from Account Settings -> Bitcoin Settings.
To view your earnings, simply log in to your Feedbands account and go to Settings -> Bitcoin -> Earnings & Payouts and you’ll see this:
This above example only shows earnings from listening, but if you had scouting credits (people who sign up with your link and then listen) it would show here, as well as sharing credit (when a qualified stream occurs from a song you share). Payouts would also be reported here.
Want to receive your Bitcoin instantly as streams occur without waiting for thresholds or paying transfer fees? Great, the Lightning Network is live now and enables this. With a Lightning-Enabaled Bitcion wallet, we will be able to pay you for streams, shares, and scouting instantly and for a near-zero transfer fee. This technology is still in beta and if you would like to be one of our beta testers please contact [email protected] and we can setup your lightning account so that you are paid instantly for all of your streams / shares / scouts. You’ll receive your Bitcoin instantly and pay almost no fees to receive the payments.
The value of Bitcoin fluctuates up and down against the US Dollar. However, the value of your account is pegged to USD, so the dollar value of your account will not fluctuate until we pay out to you. Once you receive Bitcoin from us, the value may fluctuate. By using Feedbands and earning Bitcoin, you accept this risk. Feedbands is not responsible for any loss in the value of Bitcoin you receive from us. If you prefer to be paid in USD, you can opt to receive a check, although it requires that your account reach a $100 threshold.
For every 100 qualified streams we plant 1 tree. So, a member who streams all of their 300 qualified streams each month will end up planting 3 trees. An artist who’s music is streamed 3000 times will plant 30 trees, etc. Documentation of our tree planting is publicly verifiable. To verify our tree planting at any time, please visit: https://feedbands.com/vinyl/tree-verification/
Yes! As long as your stream is a qualified stream, you earn .5 cents just for listening. Spotify pays artists, on average, about .48 cents per stream. So you make a little more just for listening than an artist makes on Spotify, as long as your stream is qualified. Artists on Feedbands make over twice that, a full cent per qualified stream.
How much Bitcoin you earn through Feedbands is entirely dependent on your listening, sharing, and scouting efforts. If you signed up a single incredible artist who got 10 million qualified streams over the life of their account, you would earn $15,000 in Bitcoin. If the value of bitcoin appreciated 5x over time after you receive your payout, that $15,000 would become $75,000. This would also plant 100,000 trees just from scouting a single massively popular artist.
In reality, that scenario would be a home run and most artists will probably not generate 10 million qualified streams. So what might be an average scenario? Let’s say you sign up 10 friends, and they each stream their full 300 qualified streams each month, you would earn $4.50 per month in Bitcoin just from those friends streaming. If that bitcoin increased by 5x in value over time, you would have actually made $22 per month, making your membership profitable. DISCLAIMER: we cannot speculate on the future value of Bitcoin, and we do not offer investment advice.
How about a more complex example? You listen to 300 qualified streams in a month, you sign up two artists who each did 1000 qualified streams in a month, and you sign up three friends who streamed their full 300 streams that month. You would earn $5.85 per month and plant 29 trees in the process. If the bitcoin then increased in value over time by 5x, you would have made $29.25 per month.
Scouting artists that become popular on the site is certainly the most lucrative way to earn Bitcoin on Feedbands, but we hope you’ll scout friends as listeners so great artists get more exposure, everyone earns more Bitcoin, and we plant more life-renewing trees.
We are very excited to offer this small reward for participation in our new music economy and please remember that we are paying independent artists a base rate of over 2x what Spotify pays per stream, helping these artists better support themselves and continue making their art, while retaining the rights to their music.
Below is a list of ways you can utilize your scout link to earn recurring monthly Bitcoin:
Earnings do not begin accruing in your Feedbands account until you successfully link a Bitcoin address to your Feedbands account from your account settings. We recommend using Electrum for computers, Mycelium for mobile phones, and Coinbase when you are ready to deposit your Bitcoin into your bank account. You alone are responsible for the security of your Bitcoin wallet, and Feedbands is not responsible if you lose access to your Bitcoin wallet or if your Bitcoin wallet gets hacked. We strongly recommend enabling two factor authentication for all Bitcoin related software and recommend storing all passwords and keys off the cloud.
The easiest and fastest wallet to set up in two seconds is the Coinbase Wallet.
That’s easy and only takes a click!
Just search youtube for things like “Bitcoin Wallets” or “Bitcoin wallet tutorial” or “Keeping your Bitcoin safe” or “How to use Coinbase.” There is an incredible amount of good information on Youtube for safely storing your Bitcoin, using Bitcoin wallets, and getting that Bitcoin into your bank account.
Email [email protected]