Although blockchain technology was originally invented for use in the financial services industry, yet it has proved beneficial to the music industry as well. For example, a new blockchain platform has been created to help musicians tackle the problem of royalty collection. However, before I introduce my esteem readers to this nice project, here are some things to know about music royalty.
What's Music Royalty and Why it has Become an Issue in the Music IndustryMusic royalties are the rewards paid to musicians or artistes for using their intellectual properties. Royalties may be in the form of fees paid for using music albums on radio and streaming platforms or in any other way. Normally, there are music royalty companies mandated by law to collect royalties on behalf of registered musicians. However, a lot of these firms operate in mafia-like fashions, collect high membership fees and deny musicians from their dues.
One would have thought that streaming services could solve this problem. Alas! The thinking was wrong.
Let's look at it from this angle. According to the Global Music Report published by the International Federation of the Phonographic Industry in 2017, music streaming revenues increased by 41.1 percent in the previous year. However, we need to understand somethings. To upload music tracks to Spotify, for example, musicians will need distributors. If we also take into account the complicated formula being used by Spotify to distribute music royalties, these distributors often collect a large part of the income. Again, the compensation the musicians receive varies with their respective labels- which means that musicians are never in control of their works and always at the mercy of third parties.
In recent years, even the top streaming services have become subjects of accusations for underpayment. Popular musicians, like Adele and Taylor Swift, have cited unfair rewards to remove their works from streaming services. If big musicians could face issues like this, how much more upcoming ones?
MFTU is for fair royalty payments to musicians
Mainstream For The Underground (MFTU) is a blockchain-based platform designed to resolve performing rights issues. MFTU is a public distributed ledger in which every registered user stands to keep a copy of the records of transactions in a secure environment. As a new musician, you can join at a minimal fee and start uploading your music tracks for fans and get compensated directly. Your music will have smart contract codes capable of interacting with fans to gauge use and calculate compensation for you. No more royalty collection company deducting from your earnings.
You also get promoted to a global audience on the massive Cyber-FM radio network. Besides, CyberFM isn't just any network, they boast of a decade of industry experience with strong partners as well as a formidable presence on social media where they will project your work to millions of international followers.
Final Thoughts
Joining MFTU has many benefits for musicians, both mainstream and upcoming. Apart from the affordability issue and transparency, the platform also allows artistes to be in control over their albums and revenues. You can track how your work performs and calculate your earnings by yourself without worrying about any intermediary.
#indie #indieartist #indiemusic #MFTU #undergroundartist #DoYouMFTU
For more information about this project, feel free to visit any of the following links listed below
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Thank you for reading !
Questions regarding MFTU are welcomed from our esteemed readers.
One of the best thing I love about the project is the cyber-fm android app. The music I stream from the app gladdens me down to my soul 🤗
This platform would be of great benefits to all artistes out there, I hope they get the word out there, so these artistes can notice innovative platforms such as these.
MFTU would provide a secured and guaranteed payment for talented artistes. It would help keep the entertainment industry going.
I just wish a coin burn was in place to increase the token value.
I just wish a coin
Burn was in place to increase
The token value.
- tcode53
I'm a bot. I detect haiku.
You should also consider that a coin burn does little to no good. in fact, it only benefit short term holders who don't care at all for the project.
But even in future, the token value would be higher as there would be less supply. Yes it benefits short term, but also long term.
You should note that these are utility tokens, which would be needed payments of royalties and many more, therefore it doesn’t make much sense to burn the tokens.
I Love music so much, it helps me relax, and I hope I can also earn tokens by listening to different genres of music.
Yes you would, This is actually going to become automated in our Mobile Apps. Announcements regarding that would be made soon.
Wow missed the TGE, would have loved to participate, to get it at a cheaper price than it is on exchanges now.
I cant even find the Roadmap
You can not find it because the project did not introduce it. What is the value of a token sold in the ICO?
Are we actually contradicting ourselves here or what? I think someone should visit the telegram group at least to get all the answers. CyberFM is a working project, fine the roadmap didn't display on the website for some reasons, that same reasons have restricted the platform for holding a successful ICO all this while. CyberFM is working already and there have been numerous testimony across the platform from artists, Audience as well as listeners.
Actually these tokens are very cheap right now and that is only reason I bought some after liquidating one other project's token. I have limited resources but I see this project has more potential and should be taken seriously by anyone who considers themselves to be a serious blockchain investor. I hope this is beginning which will not stop now until team makes this project successful.
if there was no Initial Coin Offerings (ICOs) for any of the projects, then where did the project development fund come from ?
10 year old business that already has profitable revenue. "Investing in themselves."
I invested because of the idea, the team, the working product and because I believe in its potentials.
Loads of buy backs from team shows increased confidence on the project and product.