A new music-based social media app launched today - the mysterious MyFyx.
The app, available now via iOS and Android, allows users to stream and download music for free. Artists on the service are new and unsigned - testing it out, Music Week listened to tracks by the likes of Frequency Cowboy and Lacey Madison.
The service offers artists payments via PayPal, through a credit system, based on how many downloads - notably not streams - a track sees. Downloads (also known as credits) are counted in a reward period. For example, if an artist receives 10,000 downloads and there were 100,000 total, they would get 10% of the amount that’s been set aside - which currently amounts to 5% of ad revenue.
On the platform's FAQ page, it quickly addresses the low percentage: "We do have business considerations and we need to try and make a go of it. What we’re offering here is a free resource for artists looking to broaden their exposure (a distribution network with no fees & no commitment) and a model where there's an opportunity to earn payment by giving downloads to fans for free."
For users, other features of the app include messaging and being able to follow artists.
Unlike Crowdmix, which announced itself with high-profile hires including Rob Wells and Dick Wingate - and has run into problems in the last month, with staff laid off and reportedly not paid - MyFyx is keeping its founders and staff under wraps for now.
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