Blockchains are suited to taking on industries that have a middle man and the music industry is rife with them. Any blockchain that can bring the music listener and the musician together to transact directly without a middle man (or woman) taking a cut is in the interest of both parties.
MusicCoin.org is creating a musiconomy around the idea that music can be shared directly between the musicians and the listeners without the need for a middle man. They call it Sharism, which involves not only a maximum of sharing capability but also a focus on maximizing value for all stakeholders along the sharing path.
Musiconomy
The concept of Musicoin is to reconfigure the music industry in a way that empowers musicians to publish and distribute their works directly to the market and be remunerated directly and immediately by listeners. The result is an environment where there is minimal need for intermediaries, and which features a positive feedback loop of value exchange that supports an unfettered expansion of the global music economy (musiconomy) as a whole. credit
I've looked into Music Coin and like what I see. The potential for this project is enormous. It could be used to book bands, shows, download music, and buy merchandise all while paying the musicians involved fairly and promptly using smart contracts.
The same could be arranged when a listener hears the song. Each musician on the recording would be paid directly according to the terms of their agreed upon contract.
The blockchain itself does the accounting and doesn't take a cut. Why? Because the miners (witnesses) are rewarded for processing transactions and mining coins with $MUSIC coins.
The coin is doing well on the exchanges with $12,759,632 in market cap and $8,629,440 it trade volume in the last 24-hours.
Music Coin is looking to compete with sites like Spotify and Google Music and looks promising.
WHAT IS MUSICOIN?
Musicoin is not just a currency. It’s an ecosystem - one that enables Musicians to release their works, create simplified licenses and get paid - directly and immediately - every time a music lover listens to a song.
Musicoin employs blockchain and ‘smart contract’ technology to execute a usage contract along with a payment transaction - automatically and seamlessly - each and every time a listener clicks the ‘Play’ button. No industry intermediaries required. No monthly fees. So everybody wins. credit
What Is Viberate?
A similar site name Viberate which will be launching in 8-days seeks to bring live music and cryptocurrencies together to allow musicians to be paid for their shows in a new crypto token called Vibes.
A live music industry token anyone can earn and spend. Viberate is a crowdsourced live music ecosystem and a blockchain-based marketplace where we're matching musicians with event organizers.credit
For example, let's say you have a band and are booking a gig at a club. The club owner can pay with Vibes directly to the band and the coins would be split by an agreed upon digital contract so all the musicians get paid directly.
No more managers or prima donna lead singers running off with the band's money. No more middle men taking a cut unless you program the contract that way.
They have over 100,000 sign ups and a group of music industry professionals on board and even @charlieshrem is involved with this platform.
Here is their launch video and the ICO is on September 5th.
Viberate.com / Token Crowdsale / Explainer video
Co-founder Vasja Veber said in his blog recently:
What we are interested in is giving musicians an opportunity to charge for their gigs in cryptocurrencies. We want to do for music what Airbnb did for tourism. credit
Man, I wish that was around when I was gigging and I wish Airbnb was around too. Although room service is nice.
Veber went on to say,
“Live music is actually the primary revenue source for musicians nowadays. Actually, we could say that professional musicians make the majority of their income with performance fees and just a fraction of royalties and other revenues that originate from recorded music. We are not at all interested into the recorded music segment. There's not enough opportunity in it and there is a lot of competition in the Blockchain scene already tackling problems in that segment.” credit
While it could be a long shot that any big superstars would want to be paid in crypto anytime soon, Verber explains that is not the market they are going for anyway.
“We don't expect the big guys to jump on the band wagon right away. But they were never our target group anyway and we don't expect Justin Bieber or Coldplay to be ready to accept Bitcoins or Vibes in exchange for their services.
Our main target group has always been the underdogs. Local musicians, low profile garage bands who need a place to offer their performances to promoters and clubs. And those are usually younger people, millennials, who are quite fond of cryptocurrencies. They are our true ambassadors and there's a lot of them.
We estimate that around 80 percent of all musicians in the world are unsigned, meaning they don't have an agent to represent them. Now we want to be their agent and we'll offer them all the tools they need to become successful performers and make a living by doing what they love.” credit
What excites me the most about these new platforms is they can get music directly to an audience without the middle man. This is more powerful than people realize and I expect to see some new artists rise to stardom using these alternative music outlets.
Why Musicians Need To Eliminate The Middle Man
Things have changed since I was in the music business but some things never change. Sales, middlemen, and how the profits are split.
When I was touring and selling CDs before getting signed the math looked like this.
Cost per CD: $1.00
Sale Price: $10.00
Profit: $9.00 100% to the band
After getting signed it looked like this.
Cost per CD: $1.00
Sale Price: $10.00
Profits: $9.00 14% to the band or $1.26
My profit went from $9.00 to $1.26.
And that is only the half of it. The record company will not pay you that $1.26 until all expenses are deducted first which means you may never get paid.
That's why some bands that can sell 10,000 copies of their own CD without being signed can often do better without a recording contract.
They could take that $90,000 profit and hire their own publicist, radio promoter, and agent and still have some left over to record another CD.
Either way, they will end up paying the costs whether they are signed or not so why not keep more of the profits?
With blockchain based music apps you don't need to be a superstar to make a good living.
Amanda Palmer is a great example of someone who turned her small but loyal fan base into a very profitable relationship by giving her music away for free. You can read more about her at Turning Your Audience Into Supporting Fans - Her Music Is Free But Fans Paid It Forward To The Tune Of 1.2 Million USD
She would not have been able to do that with middlemen holding their hands out and in the way of her creativity.
Yes, if you're a musician you owe it to yourself to look into these opportunities and take advantage of them.
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I think using Crypto to buy music is a great idea and much better for singers to get more rewards. 👌
It would be nice for singers and songwriters to get paid on a live stream even $1 helps to raise funds for a artist too bad there are not sites that do this unless your a YT with massive subscribers not everyone can do that so the key for me is for a platform to have it where artists are able to be the focus and offer more music based ads wouldn't hurt ..
I would love your thoughts on this idea i currently own a site where I offer free radio airplay thinking if i should go into Crypto or not or just offer a option to donate not sure building a site based on the old model is wise either way there has to be a way to really decentralize and pay creators more for the life of the platform not the life of the advertiser...
Visit our new site if you would like it is a site we built for smallyoutubers to my surprise mr beast posts all the time and many other top youtubers problem is we are sitting at 500 subscriber wish there was more i love helping content creators of all types Channelclipz.com is a site i hope grows but i also own the other site that i have had for years if you can take a look tell me what you think ?
I would love the opinion of anyone reading if platforms need musicians creators more than anything and shouldn't ad revenue be given back to the creators not the platform ?
Wow! This is very impressive! Makes me wonder how many other middle men businesses could eventually be eliminated with blockchain technology.... Thanks for posting @luzcypher
many, the blockchain is changing everything
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Solid post bortha, very interesting to learn about these projects. I saw Musicoin up on the exchange this week and was wondering about it. Hadn't had much time to look into it. So thanks for doing some of the leg work on this ;)
Steemit really opened up my eyes to the potential of the block chain and how as an artist I could really succeed utilizing it. I still need to make an account for the launch of my Original band. It's a siiiick project or at least i think so lol.
I'll admit I tried a lot of other online mechanisms for selling my music online and absolutely none of them produced the results that blockchain tech has produced for me. I've been into this less than a year...
It is an amazing opportunistic time we're living in. There are a lot of new blockchain-based projects taking shape and some of them will end up disrupting the status quo just like the internet does.
Why not just power a music economy with STEEM & upvotes for each new listener?
That's called Steemit Open Mic
Ah yeah - saw that before but forgot about it!
Crazy times! I am so excited for this future. Thanks for the post. I was just reading about moosecoin. Music coin looks awesome!
We're at the cusp of big changes just like when the internet came along.
Just did it with Musicoin - https://musicoin.org/nav/track/0xc820991fcd2df0470970ca2f32ee554089f0f479
cool
That's what it feels like.
What you think about this @fael @spiga ?
Tks @luzcypher
@fael is awesome. Haven't heard of @spiga
For sure looking into this!!
Look promising.
Thanks for the headsup @luzcypher! Signing up now 👍
Cool.
The best possible way to curved the price of music... take out middleman. And these is the beginning.
Long time gig slave here...interesting post! Thanks @luzcypher :)
Gig Slave sounds like a good name for a band.
Metal band?..hmmm
What uh wonderful way to cut out the middleman! Blockchain totally revolutionizes how the music industry should work by creating a trustless system between the artist and the client.
Sounds like it should work. I hope it does.
Thanks for introducing me to these new platforms. Both seem quite promising. The name "Musicoin" is perfect honestly, lots of ingenuity! Musicians may actually be able to eat again soon!
Eating is a hard habit to break even for musicians.
Do you know this project http://museblockchain.com/? It is also about music, musicians and blockchain.
I'll check it out. Thanks.
Crypto could help to change the industry. The internet has already done that to some extent with sites like Bandcamp helping the artists get a better share. If they combined that with something like Steemit they could be earning from streaming plays too if fans vote up the song. I can appreciate that many bands want a label to do the paperwork for them so they can concentrate on the music, but they need to get a good deal. It's an interesting time for music
It is an interesting time indeed. Can't wait to see how it all plays out and what blockchain will lead the pack for musicians.
MusicCoin daily issue of 1808640 coins
I just discovered Musicoin last night, and I'm super excited to try it out. Thank you for writing about this. It's great to see other blockchain-enthusiast musicians on Steemit!
Blockchains and music seem like a perfect match to me.
Crypto will put the payment power and the ability to prioritize people's proper tastes for festivals first and foremost.
Musicoin and Viberate will revolutionize the industry as long as more and more artists back them.
I'm actually on Musicoin myself under my name. If anyone likes electro and trance, check me out! I'd appreciate it.
Hi @luzcypher Here's some more good news about Musicoin. They just wrapped up a promising pilot program with @theharddata
The Hard Data - Musicoin Pilot Program
Hi @donnaincancun @crypto-expo @felipesuarez @jaybird @digimad @scalerman @cloudspyder @joshpeterson @meyrep @steevc @spaceballoon Here's some more good news about Musicoin. They just wrapped up a promising pilot program with @theharddata
The Hard Data - Musicoin Pilot Program