After reaching a valuation of $1.3 billion via a fundraise last summer, music distribution platform DistroKid is entering the music video market with the launch of DistroVid.
The DistroVid platform, currently soft-launched in beta, will allow artists to upload an unlimited amount of music videos to various platforms and keep 100% of their earnings.
Artists who upload music videos via DistroVid will have their videos distributed to Apple Music, Vevo, Amazon Music and Tidal.
Artists will also have the option to distribute to the DistroVid Gallery, a collection of all music videos submitted to DistroVid.
Similar to DistroKid, DistroVid offers additional ‘artist slots’ to those uploading content.
These additional ‘artist slots’ can be used by those distributing music videos that feature two or more artists.
Meanwhile, extra ‘slots’ can be claimed, for example, if an artist also makes music under a different name / in a different musical group to their core musical identity.
The price point of DistroVid appears to be going through some fine-tuning.
A DistroVid introduction page says that for a basic account for one artist, DistroVid will charge $99 per year, and that every additional ‘artist slot’ is then $49 per year (on top of that base $99 subscription).
However, on the official DistroVid homepage, the fee is listed $129 per year, which includes unlimited video uploads for a single artist. A 50% discount is offered for each additional artist.
DistroKid estimates that it distributes more than a third of all new music globally, which ties into its May 2021 announcement that the company now distributes over a million tracks to digital services each month.
DistroKid’s $1.3bn valuation also puts the company in a similar league of value to Believe – owner of DistroKid rival TuneCore – which currently carries a public market cap of €1.64bn ($1.93bn) on the Paris Euronext.
In January, Matthew Ogle – creator of Spotify’s Discover Weekly playlist recommendation engine – was named Vice President of Product at DistroKid, in a newly created role.
In November, DistroKid entered the NFT game with the release of 10,000 ‘Sellouts’, a collaboration between DistroKid and 10,000 independent musicians.
The proceeds of its NFT sales and resales go to each of the 10,000 artists, Distrokid said at the time.Music Business Worldwide
