So the music industry is notorious for eating up most of the profit that should go to the artist.
The image below illustrates that the average amount an artist gets is $ 23 out of $ 1000.
No doubt this varies, bit is a classic case of how quickly the pie gets divided in the process - clearly one with lots of overhead.
A company called Choon (https://www.choon.co) has proposed a model that leverages off of blockchain to assist the artists in getting the music direct to the consumer and their financial remuneration is based on how often their music is listened too.
The proposed solution is as follows
"Backed by the Ethereum Blockchain, Choon will create a music and digital content ecosystem powered by music, streaming and curation. A token called NOTES (NTS) will become the currency by which artists receive fair payment for streams, downloads, Q&As, merchandise, and more. Fans can also receive NOTES by curating popular playlists and listening to promoted music."
In essence, Choon wants to achieve this by being backed with the following principles
- To offer return of up to 80% from the proceeds of streamed music immediately and directly to content creators like artists.
- To develop a crypto-currency understandable and accessible to a majority of the population
- To develop a licensing and music contracting ecosystem through its “Smart Record Contracts” with the capability to simplify music contracts, payments and licensing.
A great explanation of how blockchain supports the mechanism can be found at https://www.choon.co/crypto
The ICO is likely to happen in April / May 2018
I am definitely going to be keeping an eye on this one!