Cryptocurrency in music

Cryptocurrency in music

Gareth Emery DJ, famous for electronic dance music for which he has received many awards (and propelled him as headliner at the Ministry of Sound festival in London), decided that the music industry needs ethereum technology.

The reason? Most musicians get very low profits from concerts and streaming, largely because the money paid by fans is distributed to managers, publishers, agents or production houses. Even sites like Spotify pay an extremely small percentage for artists (somewhere at $ 0.004891 per view).

Emery’s solution was to launch the Choon start-up, based on the ERhere-20 ethereum technology. Specifically, the DJ wants to launch a streaming service through a smart contract that will transfer 80% of the profits directly to the wallets of registered artists, eliminating all intermediaries.

In collaboration with CryptoPunks developers (responsible for the CryptoKitties phenomenon), Emery plans to launch an ICO over the next 6 months to fund the creation of the streaming service. The DJ claims there are already 500 artists who have already signed up to use the platform, including Darude (the authors of the song “Sandstorm”) and DJ Datsik (dubstep music producer in Canada).

The new platform will store the copyrights in the ethereum block and will distribute the tokens called NOTES directly to the artists’ wallets, which can then be exchanged on different exchanges.

Emery argues that in today’s society, artists have the ability to keep track of the songs without giving up copyright to production sites, and they can handle marketing and distribution themselves.

Currently, the music industry is worth about $ 130 billion annually, but the profits made by artists are extremely small by comparison. Emery’s solution is to remove intermediaries and connect artists and fans directly, especially as blockchain technology offers exactly these benefits – contracts and money.

The idea is not singular – in Slovenia there is a similar concept called Viberate and in the US Blokur music management platform there are already registered artists such as Radiohead, and Imogen Heap.

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