News Summary

• Grammy-winning musician Wyclef Jean says the music industry is broken.
• He's now involved with a startup, OpenWav, that’s looking to give the power back to the artists.
• Through the app, artists can drop new music and exclusives; connect directly with fans; sell merch; host concerts, pop-ups, and listening parties; and more.
• The company has been negotiating with labels like Universal and Warner Music to make that happen.
• The concept isn’t entirely new.
• Spotify tried to enter this space, too, when it offered a way for indie artists to upload their own music back in 2018.
• But that effort was soon shuttered after the company faced pressure from its label partners who felt the move would cut into their sales.