MBW’s Stat Of The Week is a series in which we highlight a single data point that deserves the attention of the global music industry. Stat Of the Week is supported by Cinq Music Group, a technology-driven record label, distribution, and rights management company.
The last time we wrote about Cash App was when the mobile payments platform was used by EMPIRE to pay Money Man a $1 million advance in Bitcoin.
That transaction, made in November 2021, was claimed to mark the first advance paid entirely in Bitcoin to an artist, by a record label.
This week brings more news of Cash App being used by a high profile music industry figure to distribute a payment in Bitcoin, but this time, that payment is being made by an artist to her fans.
Becky G revealed on social media on Wednesday (June 8) that she’s entered into a partnership with Cash App to give away $500,000 worth of Bitcoin to her fans.
The announcement states that fans will need to post comments on Becky G’s social media channels with their so-called $Cashtag (their unique payment identifier for Cash App) as well as the hashtag #ESQUEMAS.
Winners will be selected randomly, each winning an average of $10 and $100, amounting to approximately 27,500 winners of Bitcoin via Cash App.
According to the rules of the competition, which is only available to residents of the United States, 25,000 people will each win a prize of $10 in Bitcoin “at the then-effective exchange rate” and 2,500 people will each win a prize of $100.
The partnership coincides with the release of Becky G’s single, BAILÉ CON MI EX on her new album ESQUEMAS.
Cash App’s partnership with Becky G marks the payment platform’s latest move in the music business, and follows the launch of its creator investment initiative Cash App Studios in October.
“I’m thrilled to partner with Cash App for this Bitcoin giveaway.”
Becky G said: “I’m thrilled to partner with Cash App for this Bitcoin giveaway.
“I’m so thankful for my fans, who continuously support me through it all – it’s a priority for me to find moments where I get to give back to them and match their efforts however I can.”
Cinq Music Group’s repertoire has won Grammy awards, dozens of Gold and Platinum RIAA certifications, and numerous No.1 chart positions on a variety of Billboard charts. Its repertoire includes heavyweights such as Bad Bunny, Janet Jackson, Daddy Yankee, T.I., Sean Kingston, Anuel, and hundreds more.Music Business Worldwide