How should I price my Digital Pressing and what currencies are supported?
With monkey JPEGs selling for hundreds of thousands of dollars and digital art coming with multi-million dollar price tags - it’s hard to know where to start with pricing.
Core to our company ethos is being accessible and available to all. In line with this, we use vinyl as the benchmark to price our Digital Pressings. This means we encourage artists to price their singles for $10, their EPs for $20, and their albums for $40. That said, this is just a starting point, and depending on the scarcity and bonus content, the price should vary.
We’ve found that this pricing framework helps to ensure the best outcomes for artists on Serenade as it;
lowers barriers to entry
increases the familiarity of the product
and maximises the conversion of curious fans.
Serenade currently supports 4 currencies; USD, GBP, EUR and AUD. Remember - this is the currency to which the set price will be pegged and the currency with which your product will be displayed to users. Any conversions at the Point-of-Sale are handled by our payment provider, Stripe.
If your target geography is not represented by these currencies, please reach out to partnerships@serenade.co to discuss.
See below for a more detailed look at pricing options based on primary currency;
How large should my edition size be to begin with and why?
The best edition size is one that gets close to selling out without being artificially scarce such that fans lose out. It gives early supporters a great experience in owning a rarer and more valuable Pressing, encourages early secondary market action, and creates FOMO for fans who were undecided or just missed out.
Whilst the Serenade Digital Pressing is just a new format for music distribution, there is a unique tradability to the product that is enhanced by a reasonable degree of scarcity. Done right, this relationship between scarcity and value can be mutually beneficial for you and your fans;
Artist
Recurring royalties from high-value trades can far outstrip primary market revenue in the long-term
Sell-out moments create positive use cases that be improved and replicated
Selling out increases demand for successive releases
Fans
Early supporters receive rare and more valuable assets that can appreciate in value
Collectors have hierarchies of products to display their level of support
Opportunity to share in the story of an artist’s success
To begin with, you have the choice between 25 or 50 editions - collection sizes that we’ve found to be the perfect starting point for artists on Serenade. Once you’ve sold out a collection at these sizes, more options will be unlocked.
What if the defined pricing/edition sizes don’t seem appropriate for me or my audience?
If you still have questions about the suggested pricing/edition size, please shoot us a message at partnerships@serenade.co or say hi in our Discord - we'd love to help!