The Music Industry is Big and Lucrative But....
Music is a universal language spoken in every culture across the globe. The music industry is vast and economically lucrative with a lot of players involved in the music value chain. In 2018, the recorded music industry raked in a massive 19.1 billion USD with about 59 per cent of this figure contributed by digital sales. The digital segment of the music industry, which includes streaming, digital download, sync, and ringtones, occupies a critical position in the economy of the music business thanks to the introduction of innovative technological tools and the explosion of the Internet. Despite these great figures, artists get a paltry fraction of these revenues. According to a 2018 Citigroup report, artists were only able to get 12 per cent of the revenue generated in the industry in 2017.
Isn’t this disturbing?
This statistic is re-emphasizing an inherent problem in the structure, management, and distribution of value in the overtly centralized music industry. The industry runs on a complex web of third-party middlemen, professionals, and companies who share a significant part of the revenues made from the promotion, sales, and distributions of artists contents. This has created a value gap in which artists are grossly underpaid or remunerated for their creative work, which most of the time is resource intensive.
More often than not, an artist would have had several misses before a major breakthrough. Music production is capital intensive and if the artist is relatively unknown, record labels push this cost to the artist because it is difficult to predict if the musical content would be successful in the market. This means that behind a single big hit, there is a long tail of misses.
The Imusify Blockchain-powered Solution
These lapses and challenges call for new technologically-driven solutions with well-planned execution of innovative paradigm. Blockchain has been touted as the next big innovation in the world of technology; its key features are decentralization, topnotch security, transparency and immutability of records. The technology has been proposed for deployment in various industries to streamline operations and scale-up productivity.
Imusify is leveraging the potentials of blockchain technology to create a robust decentralized platform that connects and meets the needs of all participants in the music industry and facilitates cooperation and exchange of value between users. Built as a decentralized application (dApp) on NEO blockhain and available as a web and mobile app, Imusify further extends the capabilities of the technology to scale up and effectively manage transactions and exchange of digital value among users of the platform by executing various proprietary solutions to address inherent issues in existing blockchains. The platform is multifunctional; it serves as an infrastructure for streaming, media sharing, crowd funding, and social interaction among participants in the music industry.
Being a platform designed to reward and economically empower music creators and various other stakeholders in the industry, Imusify has created its native token – IMU, which will fuel the smart music economy. By harnessing the powers of blockchain and smart contracts, Imusify intends to achieve the following:
Help independent artists to launch their musical career by enabling them to raise funds for their music projects through the crowdfunding functionality of the platform.
Empower artists to monetize their music and generate income via streaming service of the platform. Copyright holders of songs uploaded on the platform are paid on per-stream basis and the funds (royalties) distributed to their Imusify wallet in a transparent manner.
Create a marketplace that converges various stakeholders in the music industry to collaborate and transact services and products pertaining to the music industry such as videography, music production, promotion, and so on.
Incentivize actions of contributors/curators such as quality social posting and curation. IMU token is the currency of the reward system.
Effectively manage ownership rights and licensing information of content.
Create a user-friendly peer-to-peer exchange platform for users to instantly exchange IMU tokens for fiat and other crypto.
Who can use Imusify?
Imusify is created to accommodate and further the interests of all participants in the music industry. The Imusify ecosystem therefore targets musicians, music fans, producers, record labels, managers, promoters, booking agents, DJ, songwriters, and other industry players.
Final Thought
The project has reached some remarkable milestones; the prototype of the Imusify platform is live and the minimum funding goals for project development has been met (softcap reached). A problem-solving project with real-world use case as Imusify deserves the support to raise the full funds needed to deliver its promised solutions. Imusify could be the solution that would revolutionize the value chain of the music industry.
To participate and/or do your own research on the Imusify project, use the following resources:
Website: https://imusify.com/
Whitepaper: https://imusify.com/whitepaper.pdf
Imusify Product Demo: https://imusify.com/app
Author's BitcoinTalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=1418203