Musicians have not been applauded for 10 months

We are proud that even one of the most important Turkish daily newspapers has become aware of Fyooz. The author Mehmet Tez sees Fyooz as a model of the future, how musicians and artists can develop a new revenue stream in times of Corona and how they can maintain and deepen the relationship with their community.

We have translated the article for you from Turkish. The link to the original article can be found at the end of the article.

Musicians haven’t been applauded for 10 months. The ban on stage and applause must be fair. We can only have financial income when we are applauded. We are not employees with salaries.

Cahit Abi (Berkay) shared these words yesterday on his Twitter account. Since the beginning of the pandemic, especially with the second wave, the situation for the musicians has become very, very difficult. There are so many such messages in my timeline on social media right now. Those who rebel, those who come to the point of quitting music, those who say we cannot pay our rent. Many musicians now find it difficult to survive, let alone be able to perform the arts they are devoted to. It’s still a first world problem or as a secondary problem to deal with later on, but that’s not the case. If we lose musicians, it would be a financial loss, not just moral. Not only music but the whole society loses, becomes poor. In every sense. Music workers are in a difficult situation all over the world. However, governments are aware of this situation and support packages are announced. In England, which did not give a brilliant test in the fight against the pandemic, the government announced an arts support package of 2 billion pounds last July. Despite this, there are many other institutions and civil associations that support musicians.

Apart from these, brand new financing applications started to be implemented rapidly. Change and transformation accelerated. Have you heard of Fyooz, I’m not sure. But this company offers an alternative financing model for musicians who are currently unable to perform and have no income. I wanted to explain that it is not a solution to the problem alone, it may have very controversial aspects, but it is important to understand where the rapidly changing world will go. Switzerland-based Fyooz is a system that makes it possible to invest in artists.
The artists featured here create their own currencies. This cryptocurrency like Coin has a per unit fee. You can buy and support and partner with the artist’s production. It’s like investing in an artist exchange. When Lil Yachty, one of the new generation rappers, created his own currency with this application and became the first big name to implement this system, the name Fyooz came to the fore.

The company’s director, Remo Prinz, posted a statement on the company’s website the day before. There is a claim that the proposed system will reorganize the financial relationship between the new generation of musicians and their fans. Concerts will come back, but musicians and the music industry still need new financing models. I wonder whether a system that removes the pauses in the artist-fan equation could survive

Author: Mehmet Tez

Source: Milliyet Article (turkish)