Update on payments
Block Label wants to do monthly payouts, there's no question about that! It's only fair, however, there are several challenges to face when accounting this correctly:
Block Label receives settlement reports and payment every quarter.
Settlement reports aren't always complete. Services send their reports to our aggregator with a 1-2 month delay. If a service hasn't sent in the monies owed, this gets pushed to the next quarter.
Here's how Block Label will base its payouts:
Monthly payouts based on the trend reports we receive. Trend reports are unofficial sales data.
Any deviation will be corrected with an extra payment after we receive the quarterly settlement.
Based on previous settlement reports, the minimum amount I've received for a unit (stream/download) was 0.02 NOK. We will use this number to figure out monthly payouts.
E.g. if the trend report shows 100000 units sold, the equivalent of 2000 NOK in bitcoin will be paid out. (100000 x 0.02 NOK = 2000 NOK)
When we receive the quarterly settlement report and it shows that we earned more than what was paid out, we'll make up the difference with an extra payment.
On the other hand if the report shows we paid out more than what was earned, this figure will be deducted, spread evenly over the course of the following 12 months.
This isn't a perfect solution, it's a little give-and-take for everybody involved. We can always put this up to a vote later. I can issue “vote tokens” to the artists and ultimately they will decide. I'm positive having monthly payouts is the best solution moving forwards at the moment.
Note: Due to the fact monthly payouts are coming out of (my) pocket, there will be a limit to what's possible to payout. This all depends on how many units are sold. Thousands of units are doable, millions aren't. In such a case, this will be accounted for with the extra payment as mentioned above. Please keep that in mind and thanks for understanding.