How Blockchain can help with Music Curation?
Thanks to the blockchain, artists will soon be able to curate content for free and build a solid online reputation. In the music industry, blockchain certainly pushes boundaries to outstanding content curation, bringing up new opportunities for the overall music business. With the concept of decentralization associated to the blockchain, vibrant ecosystems like imusify will provide new forms of content curation. For example, imusify will enable musicians, labels, and fans to share value and information on a cutting edge streaming platform with no third-parties involved.
How can blockchain encourage music content curation? What are the benefits for artists, fans, and music publishers? Let’s explore.
Incentives for curating content
By 2024, experts predict blockchain revenues to reach USD 9,6 billion. The media and entertainment segment, specifically, is scheduled to grow continuously. Music based applications like imusify will have tremendous global reach. Blockchain networks belong to their users who are both curators, consumers, and creators. On the award-winning blockchain platform imusify, users will be encouraged to create their own playlists and share songs with others — the traditional content curation model on most streaming platforms has been entirely rethought.
Indeed, blockchain puts the power back in the hands of musicians and listeners. In the traditional subscription model, streaming services charge users a monthly fee for curating music playlists and listening to it. Nobody feels encouraged to participate in the network. In fact, users are just passive consumers of music whereas artists don’t even get a fair share of revenues.
But with applications like imusify, musicians and fans can become active participants of the music ecosystem. Every action they perform is rewarded in IMU tokens — imusify’s native cryptocurrency. Creating playlists, finding new talented artists, sharing and commenting on new music was never compensated before. But with solid blockchain applications like imusify, the trend reverts.
Real case studies
On imusify, all users can upload their music and create playlists without any subscription fees. Users’ participation is rewarded in IMU Tokens. They get IMU tokens per stream, and per download. Musicians can now say goodbye to the 24-month waiting time in order to receive compensation. On imusify, peer-to-peer micropayments are instant. The smart music economy promotes a new form of economy for musicians to receive fair compensation and for fans to get paid for their participation.
How does it work in real life? Can I already join imusify as an artist or as a music curator and start earning money just like Steemit?
Artists, music publishers, listeners, and everyone in the music business can create an account on imusify and start earning.
Wondering if the number of participants will be high enough for this model to work out? Note that for the first two years, Facebook was used as a case study in American universities while the entire world had no idea of the future success of the platform. Within just 10 years, Facebook has grown to a massive platform globally with billions of users.
Similar to Facebook or Steemit, blockchain music applications are about to profoundly alter our ways of consuming music. If tomorrow, I can earn some money simply by discovering new artists and curating music playlists, I’ll join straight away the same way I joined Facebook before everyone else.
How about influencers or early adopters? Do they get something special before mass adoption is met? In fact, yes. On Steemit, for example, early influencers receive extra money when they post new content. We plan to compensate early adopters in a similar way.
Perhaps there’s one more question to answer. Why should I ditch my favorite streaming platform where I can discover endless music and connect with everyone already? Well, simply because such streaming platforms don’t pay artists in a fair manner. Even big artists like Taylor Swift decided to leave Spotify. Also, on these platforms, users pay and listen. On imusify, people will be able to play, listen to music, and get paid for it. So what are we all waiting for?
Read more about imusify in our whitepaper. Join our telegram community.
