Imusify: Re-defining the smart music Economy
Recorded music has sustained an impressive growth for years now. It continues to be a business worth billions globally, and revenue is climbing all the time.
2017 especially was a good year for the music industry, and while there is plenty that certainly isn’t perfect, the numbers prove that things are getting better across the board.
The year 2017 had recorded revenue from the music industry in the tune of $8.72 billion, quite a high point not seen in about a decade. That number is up over $1.2 billion, or 16.5%, from 2016, when things were up about as much from the year prior.
It is true that the digital era has achieved great feat in the music landscape, churning out millions upon millions of digital content that is almost free completely.
The distribution of such contents has been facilitated by the emergence of the internet.
So, streaming services are gaining popularity by the day but the problem is that the industry as an organic system has failed to adopt.
The possibility of immediate access and the whole-world nature of the services resulted in creating real sticking issues with digital rights management, transparency when it comes to payment and monetization of content.
Those sticking issues have created a situation where a lot of musicians are not adequately rewarded for their effort even when it’s clear that people by the numbers enjoy their music more than at any time.
It’s obvious that this multi- billion dollar industry seriously needs a creative solution so that musicians are rewarded for their content and at the same time listeners get access, and labels too have a good bargain.
Introducing the Imusify platform
The platform seeks to bring together what is best about streaming, media sharing, crowd-funding and social networks to design a unique ecosystem. The uniqueness of the ecosystem is in the fact that it will bring artists, fans, and music professional to form a decentralized community/marketplace.
The technology being used is such that monitors the flow of content plus the smart contracts to make sure distribution of pay outs is equitable and instant.
Another catch about the system is that in order to establish copyright ownership, content is inspected automatically. Prevention of fraud is guaranteed by the use of a digital identity monitoring system.
Imusify is about giving its users the avenue to have streams of income, having a marketplace for digital content, goods, and services, through a security backed and quick transactions.
Here is the opportunity of tackling the inefficiencies associated with the music industry through a technology that overcomes the limitations of blockchain. It’s about balancing the interests of all stakeholders from users to big labels thereby creating an effective model.
What sets the Imusify project apart?
The first thing that sets this project apart is that it is addressing the sticking points that have always plagued the music industry through a new technology.
It is a platform hinged on the idea of pay-per-stream/download design where all a activities carried out by the user are automatically and immediately paid for.
Another distinguishing aspect is the community content curation – it puts content curation into the hands of the community by changing it to a money-making enterprise.
It is agent-centric and not a data-centric model and finally, it has data security and identity verification.