Interesting. The music industry (or any ‘event-based’ industry for that matter) is full of black hat stories of contracts being broken, artists getting screwed, or promoters losing bands in clutch moments. For example:
- Band plays gig. Venue decides not to pay band afterwards. Hassle-city ensues.
- Band commits to gig. Venue pays upfront. Band never shows up at event. Bummer.
GigPay created an escrow solution that acts as a "PayPal-for-live-events", which works like this:
- Performer and Promoter agree to a live performance and related terms.
- Promoter pays using GigPay; the money sits in escrow at GigPay.
- Both Promoter and Performer can see and confirm payment status.
- Performer is paid on completion of the gig.
And voila, the potential for bitchas#ness is stymied ("bithas#ness" = annoying behaviour…per P. Diddy). Not a bad way to manage things if you’re a band on tour, or a venue manager. The solution is lacking (or at least, I didn’t see it mentioned) a solution for post-performance revenue share models, such as the splitting of ticket sale revenue, merchandise revenue, or something similar…but that can probably be handled with a little contract term magic.
Hey! GigPay gave me something to give to you, lovely reader:
GarageSpin Freebie of the Day: The first 50 folks to use discount code GARAGESPIN08 will be able to "request payments" or "send payments" for free.
Please use, and think kindly of me.
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