The smart music economy is on the verge of making artists richer than ever.
Making a living as a musician has never been easy. Even with the rise of digital music consumption, artists are not compensated fairly. A recent article by the Rolling Stone states that composers and song creators only get 12% of the 42,3 billion music business revenues. We understand why Radiohead and Beyoncé boycotted streaming platforms lately, claiming music producers should get higher royalties. Yet, beyond streaming, musicians struggle to either get funding or protect their digital rights. With the advent of imusify’s blockchain technology, artists could finally start building a fortune. Let’s study the case of imusify to discover how.
1. The emergence of the smart music economy
Thanks to blockchain-based platforms like imusify, artists can enter the smart music economy. One of the greatest implications of blockchain for the music world is what we call “tokenization”. The process of tokenization allows artists to independently manage their creative work, from royalties to digital rights management. How?
The tokenization of assets - a song is given a digital stamp that stays immutable once it enters on the blockchain - protects artists against fraud or illegal downloads. Music theft, in fact, is another plague for the entire industry. The RIAA reports that music piracy accounts for a loss of 2.7 billion earnings. On imusify, music uploaded to the platform can circulate without being copied or stolen thanks to tokenization.
Once an artist shares some music on the platform, the work becomes traceable in the entire digital space. As a result, artists can prove they are the authors of their work, protecting their digital identity. Tokenized assets also provide content creators the possibility to sell a part of their digital work throughout the entire blockchain, giving room to third parties to use their work - for example, for the TV, radio, cinema, etc.
2. The IMU native cryptocurrency at the heart of a great reward mechanism
On imusify, both content creators, i.e. musicians, performers, vocalists, composers, producers, and listeners can use the IMU tokens. Similar to digital money, the IMU tokens can be used to pay for a song, vote for an artist, raise funds, or simply as a transaction vehicle within the ecosystem. With the native cryptocurrency IMU, everyone is encouraged to enter a reward system that is magnificent.
The reward system works perfectly when all parties contribute and participate actively. For example, if I am a passionate listener of music, I may discover some music on imusify, support my favorite artists, and receive some IMU tokens in exchange for my active contribution. As a musician, the reward system enables me to generate new forms of revenues from streaming to donations.
Finally, within imusify, smart contracts allow instant payment of royalties in total transparency. Within blockchain, smart contracts let musicians, labels, and fans exchange information or assets directly, allowing each party to receive the amount they are due - which is of interest in the music business where multiple artists take part in the creation and distribution of a song. As a result, there’s no waiting time to receive royalty payment anymore.
The direct fan to consumer model is a breakthrough in many ways: artists enter a new music economy, where they control their own earnings and rights. So what are we all waiting for?
It’s been too long since music creators and fans have been waiting for the new era. imusify is surely one of the very few blockchain projects that can make the revolution happen.
Get whitelisted for IMU token sale: https://tokensale.imusify.com