As far as companies are concerned, the music industry has seen tremendous transformations throughout the years. Vinyl records were first, followed by cassette tapes a little while after. According to a Forbes study, the music business has seen a continuous decrease in earnings over the last few years. Despite this, although it was estimated that one trillion songs were streamed in 2015, the individuals streaming the music are not paying large sums of money for the songs they are listening to. The English singer-songwriter James Blunt publicly stated that he only receives £0.0004499368 ($0.0005517475) per stream due to Spotify’s business model. But before we move on with our article, register yourself on the bitcoin investment, and learn there is about the latest trends in the field of cryptocurrency such as Bitcoin.
Via Tatiana CoinÂ
Tatiana Coin (TATIANACOIN) is a new cryptocurrency created by Moroz in 2014 that allows artists and fans to have a stronger connection while also enabling the artist to make a livelihood. Token.FM, Tokenly’s forthcoming media ownership platform, will support the currency as the first-ever musical-artist coin built on top of Bitcoin (through Counterparty). Token.FM is expected to debut in the second quarter of 2017.
Owners of Tatiana Coin will be able to watch Moroz’s songs and lend, collect, sell, and exchange tokens with other Tatiana Coin owners. Besides that, they will have the opportunity to speak with Moroz personally, view exclusive multimedia material, purchase customized fan apparel, and participate in VIP events during her forthcoming global tour, recording studio sessions, and private performances.
Via Musicoin
Designed by Brian Byrne, Isaac Mao, and Dan Phifer, this is a distributed ledger for the publishing and enjoyment of music that is open to the public. It integrates cutting-edge digital money with a peer-to-peer folder infrastructure to reduce corruption and justice in the music biz. It is now in beta testing. It does so by allowing artists to license their directly work to the blockchain by using a “coded deal,” which is a kind of coded clause. As a result of the agreement, they can code the collecting of licensing fees while still enabling the artist to maintain full control of their profits.
Suppose an artist’s music is played more than once, the “pay per play” contract, resulting in a payment in the Musicoin currency being made to the artist. Specifically, this is a message delivered directly from a listener to an artist who has authorized the listener to access a particular piece of work.
With experience as a recording and touring musician, Byrne said he knows the difficulties associated with navigating contracts with record companies and managers while seeing the misappropriation of money and the failure to comply with royalty payments. ‘When Isaac and Dan initially presented this concept to me, I knew without a doubt that it was something I would fight for, to see it come to reality and spread the word to as many artists as possible,’ he added.
According to Musicoin, intermediaries retain more than 80% of royalty payments collected from artists before the digital era. These intermediaries assisted musicians in planning, recording, producing, and distributing their music. In the years afterwards, that position has grown in importance, and it is for this reason that musicians cannot earn a livelihood. Through Musicoin’s Sharism Model, each replay reflects an exchange between the artist and the listener, according to Musicoin’s philosophy of music composition.
Considering that this is a self-funded project and does not include an initial coin offering (ICO), no pre-allocation to the founders, and no pre-mining, Byrne claims that their goal is to level playing fields and put artists first and figure out the issue. Although some may doubt the platform’s ability to succeed, Byrne claims that thus far, the response has been overwhelmingly favorable.
Songwriting And Royalties Are Protected by Intellectual Property Rights
Wu has collaborated with many music business organizations, including record companies, streaming platforms, and others. He has developed a digital solution to the complex administration process of music rights and royalty payments by using the Bitmark digital property blockchain. The rapid dissemination of music to a large audience provided by streaming music services has contributed significantly to the elevation of the profiles of independent artists. Despite this, the process of collecting royalties has usually remained a time-consuming, manual procedure that may take up to twelve months after a song is published to complete. Most of the time, royalty rights are documented in spreadsheet files that are locked behind company firewalls. This time-consuming and expensive procedure lowers the revenues of both parties while also decreasing transparency for the artist.
