With breakthroughs in the blockchain technology applications, the entire paradigms of businesses and industries are changing and developing. One such industry is the Music industry. The stagnant nature of the streaming and distribution channels with a number of intermediaries to eat into the cake, monopolized traditional structures overtaken by publishing houses and labels, inefficiencies eating into the copyrighted music revenues with piracy, digital music sharing platforms and other such hunches are not letting the artists, bands, and labels thrive. It was almost heart wrenching to see a friend of mine, a promising talent, succumb to the pressures and the uncertainties that the entertainment world offered. Working for a music label, he was marginalized and exploited with a meagre payout for his original compositions. Heartbroken, he had to revert back to his old job with his guitar lying in the dust, never to be picked up again. Artists have to suffer a lot before they can really shine or get lost forever in the shadows. Lack of funds and proper platforms and channels to promote their stuff are their main worries. Till now all the attempts to blockchain the music industry have been outward, Maestro aims to be the new paradigm of the music industry. It solves the most basic problems that an artist faces through its unique funding cum streaming structure.
It is a comprehensive blockchain based music platform that integrates investment, distribution, and profit realization. Its goal is to create a virtuous -cycle ecosystem in which artists produce their projects through advanced funding, distribute the results through streaming service and share the profits with investors.
The ** Maestro** platform consists of basically two parts
Ensemble: Crowdfunding Center
It is a crowdfunding decentralized App that helps projects to raise funds. The artists can personally distribute the rights of their work and decide for themselves the funds they wish to receive. It helps the artists to generate funds and secure rights.
** Symphony: the music streaming Dapp**
The App streams music and will be available as a mobile app later on. It transparently records streaming service usage as well as other relevant activities, such as user votes and public inquiries on the platform's blockchain.
- The smart contracts serve several purposes ranging from listening and payment of using the streaming services to rights distribution and profit allocation of songs.
- The music will be stored on the platform through a centralized server to ensure maximum efficiency and fast service performance.
- MSP or Maestro points will be the influence used for upvotes and downvotes in the symphony streaming service.
- It will work on the EOS.IO based blockchain technology that will provide high scalability, superior speed, and free transactions based on DPOS.
- A 100% return back of profits to the token holder with 10% fees for streaming service and 3% for crowdfunding service.
- Efficient, future-oriented music service based on blockchain andprogressive decentralization of the music industry.
- It tries to overcome the unfair distribution of capital and resulting profits in the music industry thereby providing a conducive environment for artists to thrive.
- Suitable for small to medium scale production companies and individual artists to achieve their end and prevent monopolization of the industry any further.
- Direct communication between the musician and the end listener will assure better content delivered at minimum resources.
- The platform will allow consumers the freedom to choose their investment into their favorite label or artist and in return be guaranteed a profit.
MAE token and its ICO details:
MAEs are provided through snapshots of wallets in ensemble taken once a week. The number of MAEs decide the amount of MSP held by a participant. The profits are directly affected by the number of MAEs held. Issuance of tokens will take place once per year to cope up with inflation.
It will be the base currency for the streaming service and will be dealt on the stock exchanges later on the profit on investment will also be distributed in maestro tokens.
A total of 1,000,000,000 MAE will be issued out of which 620,000,000 MAE will be up for sale. Price per token would be 1ETH= 10,000 MAE. The hard cap is fixed at 62,000 ETH. The project is already underway with KRW 500 million funding, so no soft cap is fixed. Bonuses of up to 30%are allowed in the private sale and ICOs.
Maestro with its ensemble and symphony apps aims to establish demand and supply channels and a resulting equilibrium benefitting all the actors, based on the blockchain. The users can be the investors on the platform. They can easily enjoy music streaming and pay through MAE tokens and invest in their favorite artist to support them and earn profits in return. On the other hand, the artists can crowdfund their work, secure copyrights and earn revenues as decided by themselves.
Early bird bonuses of up to 30% are available to the investors investing in MAE tokens. They can avail of the profits earned in this currency and further earn through trading them on secondary exchanges. The prospects look bright, however, the feasibility and popular support will determine the fate of the musicians and the Maestro.
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Blog By: Lanirm Knayam