Tune.fm & Hedera Hasgraph: Beyoncé on the blockchain
【 Published by cryptonomist | Editor: Marco Cavicchioli 】
Tune.fm has announced the launch of its music catalogue, which includes tracks from Music World Entertainment (MWE), including many Grammy winners such as Beyoncé, Solange, Destiny’s Child, Chaka Khan and Kelly Rowland.
Tune.fm is the first streaming music platform based on Hedera Hashgraph and is designed to help artists earn a fair share.
MWE is the record label founded by Mathew Knowles, Beyoncé’s father, and features a catalogue of dozens of artists.
This will allow listening to the songs of the artists of the label of Mathew Knowles, who is also a member of the advisory board of Tune.fm, on the crypto platform.
The aim of the platform is to solve a common problem within the music industry: fair and fast payments for artists.
The company, based on a pay-as-you-go business model, uses the JAM token to quickly perform micropayments for every second of music that is streamed, directly between users and artists.
Users can register and receive 100 JAM tokens for free in order to listen to thousands of tracks available on the platform. As they listen to them, the platform automatically makes payments in JAM tokens to the artists of the songs they listen to, and the latter can, in turn, use the JAM tokens to promote their music on the platform, for example by giving them to loyal fans or to the first ones who listen to their new songs.
In the future, these tokens will also be used to make purchases on the platform’s marketplace.
Tune.fm wants to give artists total control over their rights, as well as fair and instant earnings.
Mathew Knowles said:
“I see cryptocurrency and streaming paired together as the wave of the future. Tune.fm has put together an incredible platform with a unique user experience and Music World Entertainment Corp is excited to share its content on the tune.fm platform”.
Tune.fm co-founder Andrew Antar added:
“The existing industry business model is not profitable and squeezes artists. Streaming platforms pay the vast majority of their revenue to publishing companies and they leave artists with only about 10 percent of that. Our unique business model is only now possible with the fastest and most secure distributed ledger technology available today from Hedera Hashgraph, which powers the JAM token. JAM is the cryptocurrency for the global music economy on our platform. When the music gets played, the artist gets paid”.
■ Source: cryptonomist
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