Blockchain Technology has the potential to disrupt and revolutionize many different business sectors, even apart from finance. And one of them is the music industry! In the music industry, there is a constant struggle for transparency, copyright, and royalty rights.Thanks to the secure and transparent nature of blockchain technology, all of these problems could be solved by combining the two.
However, the blockchain has drawn the attention of investors and professionals in different industries, and is now showing promising signs to change the music industry in ways that might fulfill the needs of everyone. One firm at the forefront of this innovation is IMUSIFY a music platform and ecosystem designed to provide an open-source innovation space for developing new means of music distribution, consumption, and engagement. imusify’s self-publishing platform creates an efficient system for artists and content creators to network and collaborate, while maintaining direct ownership of their work. ϑ IMU tokens will be used as the engine to support imusify’s proprietary music economy, creating an immense potential value for the token’s use as a means for exhcnaging value between artists, fans, and other participants.
imusify is a decentralized platform that brings together music content creators and their listeners in one ecosystem. Also, the participants of the ecosystem will be managers, distributors and other persons who are part of the music sector. The developers have set an ambitious goal to create a peer-to-peer relationship in the field of music and give the opportunity to sell their songs. The musicians will retain the copyright and will manage the award themselves. Every musician will be able to find support on this platform.
Over the past year, the number of decentralized applications has grown dramatically, but there were no solutions for the music sector. imusify is the first high-quality resource, which gives the musicians an opportunity to develop and make a profit. Thanks to this platform, musicians will have the opportunity to advance in the field of music. Novice singers will be able to get a large audience and receive income from the placement of songs. The project guarantees fast and high-quality solution of all issues at each stage of scalability.
PROBLEMS IMUSIFY SEEKS TO SOLVE
The inefficiencies of centralization
The rapid transition to digital media has led to a diminishing rate of return for artists. The exploitation artists currently experience is a result of the extreme inefficiencies that lie within the current centralized music industry. Lack of transparency within the system has led to lost revenues, misattribution of ownership, and ineffective licensing processes. Not only are artists struggling to earn a fair and sustainable income, but large organizations continue to grow and withhold unfair portions of revenue through exploitation of artists and their creative content.
Music is more available to global users than ever before but the disconnect between music creators, collaborators and shareholders is growing, making it more challenging to fairly exchange ideas and resources than ever before.
Licensing and Monetization
Outdated laws surrounding licensing and rate-setting systems fail to utilize available technology to track licenses and deliver royalties. Digital music services do not have efficient systems in place to obtain and keep track of all licenses related to the varying types of digital consumption: radio, on-demand streaming, radio-like streaming, digital purchases and more. Smaller artists lack the resources to enforce control over their content and rights. With limited information about how their content-related payments actually work, they are often left with little to nothing.
Problems of payment transparency arise from the centralization of the royalty distribution system. Performance rights organizations conduct the process by collecting royalty payments from streaming services and then allocating payments to artists based on royalty rates set forth by organizations like The Copyright Royalty Board.
Digital Rights Management
The lack of a comprehensive rights management regime creates several problems for managing artists’ digital rights, from lost revenues to misattribution of ownership.
IMUSIFY is the solution has they have developed a fully decentralized music marketplace.
Imusify uses a combination of innovative protocols and frameworks to facilitate direct peer-to-peer connection between artists, fans, and other stakeholders. The platform integrates the best practices of traditional crowdfunding, streaming, media sharing, economic and social networks. This way, imusify eliminates the need for existing intermediaries, resolving inefficiencies, providing transparency, and ensuring everybody is fairly rewarded for their contribution. Use cases include artist crowdfunding, transparent artist royalty payments, incentivized content curation, open-source development and network collaboration.
Digital Rights Management
The network power of blockchain provides the opportunity to create a comprehensive digital rights management system that eliminates the need for latent payment reconciliation. Instead, with such a system consumption information can be shared automatically, offering universal transparency to artists, distributors, and consumers.
Blockchain offers several added values to the transactional procedures that occur throughout the music supply chain. With a comprehensive database of consumption content and verified users, blockchain posed solutions for making automatic and transparent royalty payments, not only to single individuals but distributed to a song’s respective rights holders. This improved payment process can provide more information to artists about how their work is being consumed and exactly what and how they are being compensated.
Licensing and Monetization
With the presence of a decentralized database of content and ownership rights, artists have the opportunity to license and monetize content in exciting ways. Even small relatively unknown artists will have a marketplace where they can sell licenses for their work to be used in commercial videos, films, live events, and podcasts to name a few.
Last year imusify got the second place among the best decentralized applications. Many experts called it the best decentralized application, because the project is executed at a high level and has a powerful team. The main feature of the platform is the availability of the finished product and a great start, which was a success for the development team. Some members of the team are representatives of the music industry and can build an excellent business model that will allow musicians to advance in the industry.
The use of blockchain will provide a high degree of security and transparency. The platform will use smart contracts that will raise the relations between the participants of the ecosystem to a new level. These technologies allow musicians to sell and license their content through a decentralized platform anywhere in the world.
PLATFORM UNIQUE FEATURES
On the platform, artists can launch crowdfunding campaigns to fund music products like albums, videos, and tours. Artists have the power to offer, if they choose, a reward for their supporters in the form of early access to content, tickets, merchandise, and VIP fan experiences. Artists also have the option to engage supporters more fully by providing affiliate licenses, where fans who support an artist can profit directly by promoting and selling content within their networks.
Transparent and fair payments
As a music sharing platform, imusify automatically compensates artists on a per-stream basis by distributing funds directly to the imusify wallets of the individual or group of the given song’s rights holders. The system’s streaming platform is also designed to allow artists to offer discounts to a group of fans or during a certain promotional period.
The marketplace of Music Industry Participants
imusify is a place for all aspiring entrepreneurs, artists, and industry members to network and create communities. This marketplace allows participants to execute transactions pertaining to various business development or creative services and products including videography, production, advertising, content design, promotion and all other media-related or creative content
In addition to rewarding artists for streaming royalties of their creative content (music), imusify’s reward system is designed to incentivize quality contribution and curation on the platform by rewarding creators of social content (posts, playlists, comments) for certain actions.
In order for artists and various user types to interact intuitively with the platform and conveniently realize their payments and rewards, it is crucial for there to exist a simple and convenient means to exchange IMU tokens to fiat and other currencies.
Co-evolutionary copyright management
Harnessing the security and immutability of imusify’s decentralized data ledger, imusify will implement a multi-layered protocol that allows content creators to manage ownership rights and licensing information. Adaptable tools give artists complete control over their content and each revenue stream it generates.
ϑ IMU - a NEP5 standard utility token.
IMU tokens are used as the engine to support imusify’s multi-layered, decentralized music economy. This will create an immense potential value for the token’s use throughout imusify’s infiltration into the industry.
Through our smart reward and compensation system, ϑ IMU is either rewarded for contribution to the platform, or used as a currency for exchanging digital assets and services. By establishing trust and transparency between artists, supporters, fans, and industry service providers; a vibrant ecosystem emerges.
Token Symbol: ϑ IMU
Token Type: NEP-5 Token
Blockchain Platform: NEO
Token Supply: 1,000,000,000
Sold to Public 65%
Team Tokens locked/vested Yes
Price Per Token $0.05
All operations on the platform will be carried out using IMU tokens, which are based on the NEO blockchain. The token sale will start on March 1 and continue until April 30, 2019. Soft cap is $ 1 million. A total of 1 billion coins will be issued.
Token Sale Allocation
Use of Funds
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