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.

Related

spotify-icon-ios

Spotify to Offer Algorithm Visibility Boost in Exchange for Royalty Cut

The new"experiment" has drawn criticism from artists and fans alike.

Navigating the songwriting process and staying out of legal trouble

The COVID-19 Impact on Publishers and Songwriters—A Look Ahead to 2021

What does the post-COVID-19 musical landscape hold for music publishers and songwriters?

Navigating the songwriting process and staying out of legal trouble

Copyright Law: Navigating the Songwriting Process and Staying out of (Legal) Trouble

Prevent hiccups in this lengthy process by not infringing other artists' rights.

1658182993207301_c5_720x720

TikTok Creator Blasted by Artists for Offering to Use Their Music—Then Requesting Payment

Dabin, Kompany, and Hex Cougar are three of a litany of prominent electronic music artists to be targeted by Fruit Boy.

Twitch

Twitch to Creators: "Don't Play Recorded Music In Your Stream"

The company is also encouraging creators to review and delete any of their footage that contains unlicensed audio.

11.9.17_drFRESCH-020-Edit

Dr. Fresch Launches Prescription Records with The Remedy: Volume 1

Dr. Fresch inaugurates his G house and electro-focused label Prescription Records with the debut compilation.

Echostage

Insomniac Acquires Promotional Company Club Glow and Venues Echostage and Soundcheck

Insomniac has announced the closure of a deal that brings Club Glow, Echostage, and Soundcheck under their umbrella.

ClFdzeyWkAA8BSo

Adventure Club's Leighton James and Impossible Brief Launch NFT Clothing Brand, "Overpriced." [Exclusive]

The first Overpriced. auction sale is an NFT hoodie commanding a $25,000 starting bid.