The traditional music industry often leaves artists with a mere 12% of total revenue. Royal was launched as an opportunity to create a paradigm shift for musicians and their fans. My vision for Royal was a platform that empowered artists to earn a larger share, while giving fans a tangible way to support their favorite musicians by owning a piece of their music.
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Royal marketplace
Background
The process
The challenge was building a user-centric marketplace that could onboard new users, not just those familiar with crypto and web3. We needed to leverage the power of blockchain technology for ownership verification, yet maintain a familiar and user-friendly experience.
Launching the Platform and Iterative Development
The marketplace launch featured music drops from established names alongside rising stars. Importantly, it also streamlined the buying and selling process for users, with a dedicated portfolio dashboard for managing investments.This, along with artist self-service drop management, unlocked a wave of independent artist participation.
Designing for Mass Adoption
Royal's core strength lies in its user-centric design. As lead product designer, I championed this approach, minimizing the need for complex crypto knowledge. We drew inspiration from established marketplaces like eBay and Amazon, ensuring a familiar and intuitive user experience.
Leveraging Design Systems for Growth
Our existing design system provided a foundation for introducing new features. This included a portfolio dashboard for collectors, enhanced drop pages with estimated value projections for song rights, and revamped artist profiles fostering a sense of community and tastemaking among collectors.
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Conclusion
Early results demostrated the potential of collector royalties as an incentive for fans, while bonus perks like meet-and-greets for NFT holders create a compelling value proposition. The redesigned marketplace significantly improved usability for both artists and collectors, with transaction times dropping (from ~45 seconds to less than 10 seconds) and money movement increasing – a testament to growing trust and market fit. Partnered artists have paid out over $100,000 in royalties to over 9,200 collectors, a strong indicator of the platform's success.
Royal represents a significant step towards a more equitable music industry. By prioritizing user experience and fostering a vibrant community, the marketplace empowers both artists and fans to forge deeper connections through music ownership.
