“Musicians are entrepreneurs, we are essential partners of labels and we should be treated that way.” In the article Open The music industry’s black box, in the New York Times, the musician and writer David Byrne said it loud and clear. “The artist is the weak link in the chain, especially in the current landscape: dominated by streaming services such as Spotify or Apple Music”. Recently, Anohni also hurled itself against the streaming industry: “Musicians have been deprived of the ability to sell music”.
The holders of the rights have about 70% of the revenues deriving from the subscriptions (in most cases the record labels). Of this money, the artist manages to get around 15%. “A streaming service pays me about 0.0035 dollar cents every time a piece of mine is listened to, if it comes to a million plays I can get 35 dollars” , says Eddie Schwartz, the head of the Canadian songwriters’ association. Another problem is the lack of transparency: “We need to know how the gains are distributed on our songs,” Byrne wrote in the article.
Bitsong will provide artists with full autonomy to upload their song (without a distributor or a label), and their own music video, advertise it through their own fanpage (on the BitSong platform) and interact with their fans.
In a panorama of this kind, technological innovation comes into play. The Blockchain is the transnational register in which the transactions of the Bitcoin virtual currency are noted. A shared database within a distributed network of computers, where each node performs the function of verifying and approving the transmitted information. All steps (made unalterable by cryptographic blocks) must be approved by the majority of participants, making the presence of third parties to validate operations unnecessary.
If used in the world of the music industry, the Blockchain allows the artist to control the distribution of his work and the payment of the rights. Not forgetting the direct relationship with listeners and fans (the blocks of the chain) and the protection of the integrity of a record or song, which can not be downloaded or modified illegally.
Today musical rankings are easily influenced or modified by external sponsorships.
BitSong will proposes to store all user reactions (such as streams, like, comments and anything else) on their blockchain, thus generating the first verifiable and above all, real music classification for rankings.
MORE TRANSPARENCY AND CONTROL OF EARNINGS
As a decentralized database, the Blockchain is in a position to track transactions on the Internet even in a situation where there is no specific entity delegated to the maintenance and management of data.
The Blockchain can manage micropayments even in the case of billions of transactions as happens in the record industry. The Blockchain is encrypted and each music file that is made available to customers can be enriched with a series of metadata that accompany and set the information for each transaction. With the decentralized database there is no single owner of the data and the information can be shared and made accessible to anyone.
Together we can succeed in creating a new era where every artist can be his own distributor, with no intermediary, everything clear and transparent.
The artist loads the record, the listeners can listen to it or buy it and the Smart Contract (lines of code that automatically apply the clauses of the same) make sure that the musician is paid at every listening or purchase of his work. Passages that occur under the eyes of everyone and without the presence of third parties such as record labels, distribution platforms and online payment systems, so artists can get at least 90% of total revenue.
Moreover, thanks to our innovative listening platform paying for user attention, we believe users will abandon the traditional ecosystems of listening to music, by using BitSong on any device (TV, Smartphone, PC, Car Radio).
In the event that our technology detects that a song has already been registered previously by other users, the BitSong platform will require further verification through the official social profiles and certificates, to protect the work of the individual artist.
Token introduction in the music industry
Using the Ethereum blockchain our community will be able to receive payments safely and quickly, thus eliminating the annoying problems and slowness of the fiat currencies.
BitSong is a long term project, all our calculations have been made in order to guarantee an “uninterrupted” production flow, (all this regardless of the various market fluctuations).
Our token will be essential for:
• Making a donation
• Purchasing a song
• Buying tickets
• Purchasing merchandising
We are often asked: how do you think giants like spotify, apple music or youtube will compete?
We are not in competition with anyone, BitSong, simply offer to artists and their users, an alternative way to create, distribute, sell, listen and finally earn!
BLOCKCHAIN MUSIC STREAMING
Official Telegram Group: https://t.me/BitSongOfficial