Decentralized platforms give more power to the individual. A music ecosystem without intermediaries and authorities allows artists to get paid immediately for their streams and merchandise sales, share a financially beneficial relationship with their fans, network directly with other music industry participants, and simplify digital-rights management.
A common feature among the majority of blockchain music platforms is micropayments; allowing creators to get paid immediately. Each platform may use the Ether cryptocurrency, an ERC20 token, or another utility token that is paid and divided among rights holders after their song is streamed or merchandise is sold. This process is made possible by smart contracts (a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a legally binding contract without a third party or manual implementation).
A new blockchain-powered platform, combining streaming services and digital payments, aims to pay musicians 90 percent of the streaming revenue from their advertising revenue — more than is reported to be standard practice. Bitsong, a recently launched blockchain-based platform, describes itself as “the decentralized music solution.” In essence, every time a track is played, the artist earns cryptocurrency. This could, in turn, eliminate another major problem that Bitsong has highlighted with regular artist royalty systems: as payment is in real-time, there will no longer be extended wait periods for artists to see a financial return following the streaming of their tracks. Additionally, at the time of writing, the Bitsong ecosystem has over 200 artists registered, the company says.
Enhancing the current payment system
The music industry has recently come under scrutiny for how unfairly artists are treated by major labels and streaming services such as Spotify and Apple Music. Musicians have highlighted the high volume of revenue that is allocated to streaming services and record companies, instead of back to the creators themselves. A notable example of this was global best-selling artist Taylor Swift removing her music from Spotify for three years, as a protest against the share of royalties artists receive from the platform.
Bitsong plans to release a music streaming platform, which sets out the key methods with which the team aims to enhance the current payment system. First, they would introduce democracy by removing middlemen and enabling direct payment between artists and their fans. They also intend to overcoming the bureaucratic and economic obstacles within the industry and reward artists and users for simply using the platform. They say they will assists financing music and video artists and gifting tokens to the users, from enthusiast level artists to those focused on commercial activities. Next, Bitsong provides "Donation Feature" allowing Musicians to receive donations from their fans. On top of that, Bitsong aims to pay musicians and its users 90 percent of the advertising revenue.
The team claims that the main appeal of their service to artists is the profit sharing from their advertising revenue, resulting in a platform that has great ease of use in terms of guaranteed earnings. Bitsong is also planning to be present on any Smart TV equipped with Chromecast, through Smartphone app stores, on any personal computer through a web interface or software and finally any car equipped with a Smart Radio, resulting in popularity growth of artists. The team at Bitsong is also predicting large growth in their market, so they are trying to promote this token investment for everyone, whether or not they consider themselves a serious music fan.
Team of experts
Future outlined landmarks for Bitsong include the launch of the Alpha version of the BitSong platform (including mobile app) in Q1 and Q2 2019 , and the launch of new platform features including TV support, artist statistics, users and advertisers in Q3 and Q4 2019.
The team behind Bitsong is the combination of blockchain experts and music industry figures. For example, ANGELO RECCA, Bitsong Founder, has experiences as Blockchain Expert and promoter Entrepreneur of the launch 3 other startups. ROSARIO TICLI, the co-founder, is a DJ player and Music Producer renown and expanded all over the internationally territory collaborating with record labels such as Universal Music Group, Sony Music, Blanco Y Negro, Dance and Love, Saifam Music and Executiva Music. The rest of the team listed on https://bitsong.io/#team.
The company created an explainer video for those who wish to learn more about the concept and practice of the ecosystem. Currently, Team of BitSong announced the suspension of the ICO. They stated that it's for fairness in comparison of all participants, investors, supporters, users, artists and all those involved directly or indirectly.
Important Links:
Website: https://bitsong.io
Whitepaper: https://bitsong.io/docs/whitepaper_en.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=2850943.0
Facebook: https://www.facebook.com/BitSongOfficial/
Twitter: https://twitter.com/BitSongOfficial
Telegram: https://t.me/bitsong_ico
Profil Bitcointalk : binar234
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