To continue with my series on the ways blockchain is disrupting the entertainment industry, I want to write about a new blockchain platform called MFTU that is specifically built for the music industry. Let's take a brief look at the complex issue of piracy in the music industry and then how MFTU proposes to solve this.
Music Piracy has proved to be intractableThe music industry has grown geometrically in the last few decades. Its global market value was estimated to be slightly less than $8 billion at the turn of this century. In 2015, it rose to above $30 billion. By 2020, it's expected to reach $43.49 billion. However, the tremendous growth potential hasn't translated into more wealth for the, "musician", the goose that lays the golden egg.
One reason for this is due to the problem called music piracy. Forbes reported that more than 10% of music revenues are lost to piracy and illegal music streaming services annually. This cannot be entirely untrue. For instance, statistics published by the music recording group, IFPI, showed that music piracy hasn't abated significantly even with available streaming services. IFPI disclosed that piracy has shifted from illegal music downloads to stream ripping. Ripping is to take a song from a stream service and turn it to a permanent download. This is done by using some sophisticated softwares available online and it has enabled millions of illegal download of music albums.
Further, a report obtained from a london-based music rights firm, called Muso, stated that a total of 34.2 billion visits were recorded on music piracy sites in 2016 alone. The number was expected to grow higher in the following years as more people demand for more music contents globally. One direct consequence of this is the direct lost of revenue to musicians as mentioned earlier.
How can MFTU help the music industry solve this piracy problem?
MFTU stands for Mainstream For The Underground and it's an innovative blockchain platform created, among other things, to broadcast music contents online. However, MTFU isn't just another music sharing site. In this case, it offers all the benefits of blockchain technology, such as, decentralization, open-source, tokenization, and smart-contract based. What this means is that the public distributed ledger called MFTU ensures that artistes get fair rewards for their musical albums.
Additionally, MFTU is protected by multiple encryptions based on SSL/TLS. Each music on the platform will have watermarking codes to protect it and compensate the original creator. In essence, MFTU is completely transparent and users gets fair rewards for their efforts.
In conclusion
Musicians and artistes, especially the upcoming ones stand to benefit more from registering on MFTU than on any other streaming service. Blockchain not only block loopholes of piracy, but also ensure you get fairly compensated for your music contents.
#indie #indieartist #indiemusic #MFTU #undergroundartist #DoYouMFTU
For more information about this project, feel free to visit any of the following links listed below
USEFUL LINKS
DOWNLOADS
Thank you for reading !
Questions regarding MFTU are welcomed from our esteemed readers.
MFTU is much more than just another whitepaper, Two Products, One Organization, Eleven years of running. This is one of the many reasons I have got confidence in this project.
I’m gonna introduce this platform to my friend who is a very talented upcoming musician, and would need such a platform for his marketing.
Who are the competitors in this kind of project? And what is the advantage MFTU has over them?
There’s quite a few projects who “think” they are competitors. But the ACTUAL truth is, MFTU is the ONLY one accomplishing BOTH Radio Broadcast Royalty resolution AND also the only Distributed Ledger Performance Rights Organization in existence.
Has the team ever considered about tokenburn? 102 Billion is just outrageous
No a burn is needed, read the usecase to understand why such supply is needed.
I have read everything and it is still too much, the supply of the top 10 coins put together is not even up to the supply of this token.
Let me tell you this, When we talk about SUPPLY for CYFM, you have to remember that they are solving a legal issue for all Countries based on their law. There's currently 7 billion people in the world. Legally (in theory) every single person in the world is supposed to be accounted for when paying Royalty payments to the Country.
Imagine how many CYFM you would need JUST TO PAY FILSCAP in the Phillipines for Phillipines Music?
Add ASCAP / BMI / SESAC in the United States
Add SOCAN in Canda.
That's only 3 Countries... for project success. based on individual laws, 102 Billion CYFM is actually a small number.
If you are explaining that Cyber-FM needs 6 billion tokens because the whold population in the world is 7 billion.. that's ridiculous.. you need to only count the population who are aware of cryptocurrency. Most of the 7 billion people all over the world will pay the Royalty payments(whatever it is) with a CASH. please find better reason to keep whole supply more than 6 billion. that's pretty enormous amount.
Guys don't part with your CYFM easily, most of the money going out from ETH are not actually leaving, they are moving to Tether. Lots of them are eyeing great projects they will jump in as soon as the market shows a sign of recovery.
Flippers have really done a bad job by dumping this coin, hope they regret in the future.
I wonder why Cyberfm and MFTU aren’t listed on big exchanges yet to let the price rise.
Haha we need no pump and dump, just let them do their work and people will know its a good product
Patience people. All good things come to those who wait.....and this project is worth waiting for! It has a great community behind it that will drive it to the next level.
I heard there’s a big announcement in a few days, I do believe the team would surprise all of us being a project with no ico and with all the experience they’ve got.
I think this project needs a clear and more detailed whitepaper. I like the project and i don't mind supporting it.
One of the crypto projects that support a particular cause.
I just downloaded the app from playstore, I love the concept and would gladly check them out.
The transparency and simplicity of operations make this project attractive.