First Class: PurpleThrone
The best inventions are the ones that make the world around us a better place. The things that fill a void and bring new light to the culture. With the growing impact of cryptocurrency and even athletes securing deals, with crypto being the payable currency, it leaves one to wonder where is music’s place in this whole thing. PurpleThrone has that answer . An American online music distribution platform that specializes in paying royalties with crypto for independent artists. CEO, Aziz M. Bey was gracious enough to take time to answer some questions for us, about this promising new venture. Below is the interview.
What is PurpleThrone Tech Corporation?
PurpleThrone is an American online music distribution platform specializing in paying industry-leading royalties to Independent musicians. We accomplish this using a cryptocurrency called PurpleCoin. We operate for the benefit of our artists and PurpleCoin Medallion stakeholders.
What inspired you to get into the music business?
I started out managing talent in 2007. However, it wasn’t until 2015 did I recognize the need to empower independent musicians. The music industry only cared about celebrity musicians. If you were not signed to a major label, you were irrelevant. But I knew many unsigned artists just as good as the signed artists. Indie artists had no home, no support and made very little money off their content.
What’s your vision for PurpleThrone and what impact do you for see it having on the music business?
Our business model is simple- TO ENRICH, EMPOWER AND INSPIRE EVERY MUSICIAN* IN THE WORLD. We have started this by guaranteeing artists higher royalties in our system. We have a support staff to answer their questions on publishing, licensing, etc. We believe slowly, Indie artists will come to realize that PurpleThrone is the best place to distribute their content and learn about the music industry. Because we are building our own Blockchain, we will have unmatched copyright protection and unprecedented speed to getting musicians their royalty checks. When you work in the independent market, there are no massive publishing company’s or major record labels to hold up payments for 6 months. Artists own their copyrights and we pay out accordingly.
PurpleCoin, is the crypto token that we use to pay out royalties to independent musicians. Artists receive anywhere from 3x – 50x on streaming royalties. With the increased funds, artists can get the social media exposure they desire, industry recognition, book more studio time, rent venues, support music concerts, purchase audio accessories and much, much more. As long as they continue to make high quality content, work hard and move up our PT charts.
What do you enjoy the most about running PurpleThrone? What do you find most challenging?
I find the most challenging part is pitching to artists. Most artist would rather upload their content on FB and receive ZERO royalties rather than make money on PurpleThrone. It’s only because crypto is a new concept and we are a new company. However, I do enjoy the daily innovation of what we do. Every day we show up to work, we engage in scientific experiments. Discovering what works, is a never-ending battle with failure. But when we create something truly magical, our hearts bask in the glow of a future we invented today.
What advice would you give someone trying to start their own company?
I would first say, money should never be your #1 motivation to becoming an entrepreneur. Because when there is no money, you will not survive. And when there is money, you will invest it poorly. So, my advice is, find a business that solves a real problem. Something that you can devote your time, mind, and soul and be happy to do it. I would also advise finding a support group of business owners and executives that will help you. Most of the time, your own family will not support you. I started with the SBA and https://www.score.org/ and the good folks at PACE – https://www.pacesbdc.org/ –
What can people expect next from PurpleThrone?
We are shooting our Q2 promotional campaign this month. Our PurpleCoin Medallion (https://www.purplethrone.com/purplecoin-medallion/) is more than an investment in crypto and artists, it’s a statement of what you believe in. You will find more and more models and trendsetters adorning this medallion. Once the pandemic slows, we will launch our first music festival and of course our top earning artists will headline the event. In short, look out for our advertising in the subway, Social Media, Radio, T.V. and of course excellent publications such as globalmoneyworld.com.