The company says they are the first to offer artists the ability to be paid in Bitcoin.
Dr. Luke‘s publishing company, Prescription Songs, has announced that songwriters will have the ability to receive royalty payments in Bitcoin going forward.
The organization took to social media today to announce the groundbreaking move, stating that they are the first publishing company to offer its creators such a compensation option.
According to the producer, the idea soon became a no-brainer after multiple creators began inquiring about the possibility of being paid in Bitcoin. The transactions will be conducted by bitcoin payment services provider, Bitpay, according to Digital Music News.
“Prescription Songs has always been an industry leader providing the best services to our songwriters, producers and artists,” Dr. Luke said in a statement. “Some of our creators asked about being paid in Bitcoin so we wanted to get ahead of the pack and provide that service. BitPay is such a powerhouse in Bitcoin. I’m excited to work with them in the music space.”
The past six months have been a landmark period for Bitcoin adoption, and titans of industry have gravitated toward the world’s largest cryptocurrency asset in droves.
While it’s a relatively new practice, the embrace of bitcoin as a compensation option has also generally paid off handsomely for those who’ve taken the leap. For Example, Carolina Panthers offensive tackle Russell Okung opted to receive half of his $13M salary in Bitcoin late last year. Following his $7.6 million return from Bitcoin’s meteoric rise, Okung is now among the highest paid players in the NFL for his position.