Snoop Dogg has made significant earnings as a recording artist, entrepreneur and pop culture icon. And as the entertainer is always looking to diversify his income, he has found some streams of income are much more lucrative than others.
On a Dec. 6 episode of the podcast “Business Untitled,” Snoop Dogg revealed that he has found a sweet spot with NFT technology, rather than relying on streaming to earn income. During the episode, Snoop Dogg revealed that he earned a mere $45,000 for one billion Spotify streams but discovered that NFTs were better suited for him and other artists.
“Let me tell you the thing that worked with me. It was simple; it was transparency,” Snoop Dogg said. “That’s what the music industry and the film industry doesn’t have, so this was a way to show transparency. Give me a song, give me a song, I’m taking 60 percent ’cause I’m putting it out for you. You get 40 percent; that may sound like a lot but you just made $100,000.”
Snoop Dogg, who has a current net worth of $160 million, told the co-hosts that his son Cordell introduced him to the world of NFTs and how he sees it as an opportunity for creatives to monetize their art without relying on traditional music streaming platforms such as Apple or Spotify. As the owner of Shiller, a live-streaming app using web3technology with live video and audio streaming and NFT projects, Snoop Dogg envisions the space as an opportunity for various artists, brands and even thought leaders to earn income and build their following.
“We went in based on us building relationships with all of these creators in this new space,” Snoop said. “That gave them the freedom to control the narrative, and not have to pay Apple 30 percent… but to directly get it, sell it, and re-sell it.”
The NFT Way
In June, Snoop Dogg announced he was selling an NFT, The Snoop Dogg Passport Series, as part of his High School Reunion Tour. As the first “evolving digital tour collectible,” fans were able to purchase digital merchandise such as behind-the-scenes content. Priced at $45 or .25 ETH, fans were able to access videos and images of Snoop Dogg and others on tour. In addition, they were able to receive future playlists and NFT drops.
“With the Passport Series, I can allow my fans to travel the world with me — no one’s ever done that,” Snoop Dogg said in a statement provided to Variety. “I’ve always been a pioneer, and digital merch is part of the future. I’m hoping other artists can see what I’m doing and continue to innovate on their own.”
