Current Industry Problems
The growth of the music Industry streaming model has saved the music industry revenue growth from years of decline. Spotify has led this charge with other Music streaming businesses such as Apple music, Tidal also contributing to this growth
While consumers now have a dearth of Music to listen to, this has not translated into benefits for the first majority Music artists around the world. Music has now been valued to almost zero as a result of having a vast library at our fingertips, all for a small flat monthly fee.
The promise of the brave new world of music streaming to the artists back in the mid 2000’s whereby artists were going to share in the spoils of the revival of the music industry, has not materialised
This has pushed the artist agenda further down the value chain, meaning that many artists no longer see a career in the industry as a viable one.
What is Tokenisation?
Whereas digital and illegal downloading once wreaked havoc on the industry at large (from music creators to record labels, none were spared), a BlockChain-based model for music pledges to boost the fortunes of artists.
Tokenization is a great way to understand the philosophy behind cryptocurrency; how it works, but also what it stands for.
Tokenization is an aspect of blockchain whereby assets can be broken into pieces or shares in that asset.
In today’s financial world, everything you own is tied to your name. Maybe you have a house, a car, stocks, or cash in the bank.
In the process of tokenization, all those assets can be broken into pieces. That means you can create a stock or a single proof of ownership tied to any asset.
The philosophy behind tokenization means that we are able to trade those tokens without the intervention of intermediaries and middlemen.
This creates a future whereby we can tokenise what we own or the value of IP that we have created through our own endeavours such as the creation of art music or film, which provides an immediate liquidity of the IP or a future stream of revenues generated by that token
A new Music Token Economy
For Music artists, we now have an opportunity for the value of the creative works and output of that artist to be tokenised and presented to supporters and fans of the artist in the form of a stake and vested interest
This enables a unique revenue stream to be generated by the artist which puts the control of their music career firmly in their own hands
It allows for new forms of engagement which drives increasing fan loyalty to an artist brand, their beliefs, the musical influences ,whatever drives an artist to do what they do
Tokenisation creates the opportunity for a more direct artist to fan relationship to flourish and generate an emotional attachment between the two parties.
It incentivises artists to provide value back to the fans who support the artist to drive and foster a reciprocal relationship which is built on trust, support and collaboration
Whats next
At Zimrii, we believe in the potential of artist tokens to change the game for both music artist and their fans.
Our platform allows for the efficient creation of artist tokens as well as providing the mechanism the Music artists to offer value to the fans to encourage participation in those tokens.
If you want to join our community and get involved in discussions about Zimrii, then please follow our various accounts below:
Website: https://www.zimrii.com
Telegram: https://t.me/zimrii
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