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The Significance of Snoop Dogg Accepting Bitcoin for His Music

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.

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This entry was posted on December 12, 2013 by and tagged .

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