Bitcoin Magazine

No vaporware, just real mining and real bitcoins. Cloud Hashing
Show Menu
snoop-feature3

The Significance of Snoop Dogg Accepting Bitcoin for His Music

There has been a noticeable amount of buzz around Snoop Dogg’s recent tweets to Coinbase and Bitpay announcing his plans to sell his next album for Bitcoins. I’ve tried contacting him for an interview, but while I wait for his response, I’ve decided to explore how this decision could impact Snoop and the Bitcoin community.

Album Sales and Residuals

It is quite remarkable what one person can do. Snoop literally has an entire economy built around his music and adds on to his repertoire with his experience in writing soundtracks, previous work with video games, television, and the movie industry.

Just looking at his album sales alone:

  • 3 of his albums have gone multi-platinum

  • 4 of his albums have gone platinum

  • 1 album has gone gold

Having an album ‘go platinum’ means one million albums have been sold. Multi-Platinum status is achieved when over 1 million albums are sold, and a gold status is earned anywhere between 500,000 to 999,999 albums sales.

Assuming he were to sell a digital version of his album for $10, achieving platinum on the album selling for Bitcoin would bring in 10 million dollars or 10,380 Bitcoins through the Bitcoin network. The reality is that there may not be enough Bitcoin users for Snoop to get his sales solely from Bitcoin, but even getting 1% of those sales in Bitcoin would mean $100,000 in sales or 100 Bitcoins.

Looking forward into the future, a successful release for Snoop could lead to other fellow rappers to follow suit and extend using Bitcoin to pay for CD and merchandise manufacturing, concert sales, and radio play fees.

SnoopDogg-The_Samples-Cover-Web

Remix Market

An understated boon could come from those who remix the content from albums sold for Bitcoin. A DJ could see this and repeat the trend opening his remix of Snoop’s song to receive payments via Bitcoin and exponentially tack on new Bitcoin users along the way.

Snoop would need to approve of these remixes, but with his track record of promoting remixes, I would expect to see a future where remixes could be sold for Bitcoins as a likely follow to Snoop’s lead.

Another Way To Spend

Many people are won over by Bitcoin’s native ability for quick potentially anonymous transactions and security. Others who have resisted using Bitcoins or have succumbed to the early negative press on Bitcoins may resist adopting the new technology due a difficult time understanding Bitcoin.

These barriers could be quickly overcome if someone saw something of value (a new hip hop album) available to them for Bitcoins.

New Exposure to Bitcoin

What would you do if over a few weeks or months you were given 100 Bitcoins? Artists who succeed in Bitcoin, much like miners who have mined Bitcoin, will have an excess of BTC that can be spent instead of fiat. As Bitcoins appreciate in value, any owner will be able to spend less and less to pay for the services and businesses they use.

In Snoop’s case everything associated to his brand, from his albums, charities, etc will be able to use the Bitcoin capital he has raised, which could lead to getting paid by Snoop for promotions, or Snoop seeking out Bitcoin friendly merchants for any products he would buy. This could also extend to more basic things like food and clothing purchases. He may even consider paying his body guards in Bitcoin.

When Snoop shows up with Bitcoins at the places he frequents, folks may do a little extra work to make their business Bitcoin friendly, and these changes can benefit the entire Bitcoin community.

Other Thoughts

Snoop embracing Bitcoin would bring all of his fans who aren’t already using Bitcoin into the Bitcoin community.

It is major endorsements like these and others (see statements from Kevin Rose, Ashton Kutcher) that will open the minds of folks and help them overlook any details that would typically turn off non-technical folks and open their minds to the good Bitcoin can bring.

 

BTC: 1LhnuQZNHXsTASuTr4jMURZi51RS76QpnE

LTC: LUm633o95K2jqge1tPeVBB92BzZ3haRNfE

DOGE: DLUYch2uskMTANGsgGPoW1uext9qVMd7SV

By

The Bitcoin community has shown me that nothing can stop a group of people who are passionate in their beliefs. In our case, we believe everyone in the world deserves the right to financial freedom. My goal is to make sure everyone can see that this Bitcoin movement has the power to change the world for the better through every story we publish. Before working with Bitcoin Magazine I was involved in freelance writing, illustration, renders, making electronic music, and 3d print designs (http://www.behance.net/urbenz). I'm also a married dude and a father of 2 who loves to have fun with his family, cook, and travel. Contact me by shooting a message to: ruben [at] bitcoinmagazine.com

Get Top Stories Weekly

We respect your email privacy

  • Money, Ho’s & Clothes

    I once heard a naysayer proclaim that bitcoin isn’t real money until he hears rappers wax poetic about it…lol

    Significant indeed.

  • crainbf

    I think this article is full of questionable speculation. Even if Snoop Dogg gets 100 BTC revenues through this (which seems high), this makes hardly a difference for him. This is simply great promotion for bitcoin and nothing more. To conjure up some larger economic consequences is misplaced.

  • Igor

    This is a new era for bitcoin. First Virgin Galactic Rides, now Snoop Doggy Dog albums. So looks like I can now use the bitcoin for all the things I need to buy.

  • goodbtc

    Artists know first hand that their percentage from album sales is very slim, the fat check goes to the fat label recording industry. As soon as they learn they can receive direct payments without middlemen and fees, expect QR codes tattoos to be the next thing. I never purchased a Snoop song myself, but I will buy this album just to prove a point.

  • thedavidmeister

    My eyes glaze over every time somebody get’s towards the end of a “back of the envelope” calculation for an IT startup and says something like “if we get just 1% of that we’ll be rich!!!”. There’s nothing magical about 1%, 1% is not a small figure when you’re talking about this kind of scale, 10,000 bitcoin sales (platinum) might be an insanely huge, unachievable number for all we know. Unless you have some reason to think that 1% or 10% or 0.1% is likely, there’s no value to the calculation other than general unsubstantiated sensationalism. At least reference the current expected % based on what other merchants offering goods in multiple currencies including bitcoin, or something…