Our project consists of two main parts.
1. Musereum — the b2b licensing and assigning platform.
We are creating a nervous system for the music industry. Creators will upload their music works to our system, that will recognize it as an abstract “assets” — one being the composition, the other being the sound recording — and will generate sets of tokens, representing the IP rights for the uploaded music. At our marketplace these assets will be available for automated licensing for those who need to use them.
Musereum aims to become a universal ecosystem. It will help to connect authors, artists and business users with DApp developers, and music service providers, paid for their services in the ETM tokens.
The main idea is to give the industry a convenient tool for internal interaction. Musicians will have an alternative to selling out and becoming industrial slaves, generating profit for the labels and publishers.
Participants of the network will be able to make important decisions: who they want to share their rights with, how their music will be used and how much they want to receive for it, who will promote them and on what terms — and they can quickly and conveniently pay with ETM tokens.
At the same time, the content monetization will become fast and transparent: royalties for licenses and other revenues will be automatically and instantly distributed through smart contracts — and the musicians won’t have to wait months or years to see their payments.
2. Soundchain — the streaming platform, open for public.
Soundchain is one of the decentralized applications working on the Musereum blockchain. Users of Soundchain will have free access to the music uploaded to Musereum platform. The rights holders of the music — the token holders of respective assets — will receive royalties via the Pay-per-Play smart contract for every unique play. It would mean that listeners will be involved in the process of monetization by listening to the music, as well as attracting their friends. Thus, artists will not only earn monetize their music directly, but will also increase their audience.
A separate category of users will be able to create playlists and serve as opinion makers, receiving remuneration in our tokens for their influence.
The individual payment for each play will be determined by the transparent formula considering among other factors the amount of commercial licensing via the Musereum.
An analogy with Ethereum can be used: a rapid growth of the Ethereum adoption has been made possible due to the ICO market. We plan to repeat the same model, but for musical works.
The advantage of Musereum is that by involving the artist into the crypto-economy, we also automatically involve his fanbase and the audience. If for example, the capitalization of the platform reaches $ 1 billion, additional annual issue of tokens would allow us to spend $100 million to subsidize content creators.
In contrast to the classical business models, the crypto-economy is based on the incentive model.
A separate entity is used to manage assets — DAL.
Each DAL manages one asset only — be it a composition or a sound recording. DAL consists of all the rights holders of the asset — they will be able to vote for the price policy and licensing conditions, decide on the rules for asset management and make other important decisions. In case where one person holds of the tokens for an asset, DAL would be simply the interface, by which the rights holder interacts with the system and manages the asset.
When the song is uploaded by the band, some of the rights are transferred to their manager, and some are sold to thousands of fans by conducting an ICO for music, the situation will become more interesting — their DAL would become an analogue of a full-fledged public corporation managed through smart contracts.
All the uploaded music will undergo preliminary moderation and basic rights cleaning before getting into the marketplace or becoming available for listening.
Listeners would get
- access to more music;
- the ability to listen to the music for free, knowing that their participation itself rewards the artist;
- the opportunity to purchase a share in the IP right and to join the music industry as a rights holder.
How to find out more about the project?