For those who stayed in Spotify-There are quite a few musical surprises on the way. In particular, Web 3 promises to transform and renew the sector, starting with the issues that remained open with the so-called revolution broadcast platforms.
These platforms have solved a huge problem of buying music online, which in effect perpetuated pirate downloads, riding the huge trend of using music as an alternative to owning it. With a subscription of a few euros per month, today it is possible to access most of the world’s music anytime and anywhere. However, this model has been found to solve the problem of music especially from the point of view of record companies. While It is increasingly difficult for artists to monetize and develop strong relationships with their fans and listeners.
To answer these two major themes, they are born and gain ground Some startupsusually based on blockchain technologythat attempts to bring the artist back to center stage.
One of the most interesting, also in terms of numbers, is Odios. Founded in 2018, Audius entered the big music industry with the aim of continuing the work started by Spotify: Unmediumed music and the creation of more robust forms of monetization for artists. Audius built on a rib of Ethereum and leveraging the capabilities of blockchain to create a new, transparent, decentralized ecosystem owned by the same community of musicians and fans.
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Today, artists receive only 5-10% of the turnover generated by listening to music. Platforms like Spotify have expanded the online listening market, but they have taken another piece of the pie. Audius intends to start again from this point e He promises to return artists more than 50% of all volumes generated by streams.
For the end user, Audius is a streaming platform where 250,000 artists and 1 million tracks can be listened to. However, for the artist, it’s a very different opportunity than Spotify. Artists can participate in community management by committing DAO And get tokens (based on Ethereum). And on top of all that, they can interact directly with followers, building their database. While Spotify tends to have a privileged relationship with record companies, which manage copyright, distribution, and economic reporting for artists, Audius essentially positions itself as Marketing and monetization channel, which partially replaces the record companies themselves. The ability to create for artists has recently been activated NFTs Transform their digital marketing thus activating additional monetization channels. And again in recent months, Audius has started working on the issue of copyright management, again through the use of tokens and NFTs.
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This aspect has been further refined by luxury. If we were to rethink music in a completely decentralized and non-mediated world, Opulous would be the perfect metaphor for the future of the industry.
This startup basically encapsulates all the mechanisms of blockchain and web 3. It is at the same time Crowdfunding platform and copyright management system. In practice, in Opulous, fans and investors can fund music projects and then through NFTs become copyright holders (for a share proportional to the amount of money invested). NFT technology lends itself perfectly to this use, as it identifies the ownership of a particular digital asset in a completely verifiable, incorruptible way that can be hashed and divided into an infinite number of parts. Let’s take an example: Let’s imagine investing 100€ out of the total 10,000€ requested by the artist to produce his CD. Suppose the €10,000 raised is equivalent to 50% of the intellectual property rights. In determining the accrued percentages, it follows that 100 euros equals 0.5% of the royalties. Thanks to the traceability of the blockchain and payments using cryptocurrencies, in a completely digital world based on the logic of Web 3, The respective lender will periodically receive 0.5% of all royalties generated from listening to the CD he helped produce.
To differentiate them from regular NFTs, Opulous names their tokens MFT extension (Innate music symbol). In fact, Opulous is an MFT market. Investors and fans can purchase MFTs and then track the revenue generated by listeners on the various platforms. They can also sell their tokens back and monetize their investments in another way.
NFTs are the masters of this turn of the music. The reasons are varied. They are definitely in fashion. But they have two other essential properties. The first is that they certify ownership of a particular asset. The second is that they can be sold and resold in certain markets and this also makes them interesting as investments. glass Applying NFTs logic to a world Video clips, a world that sometimes seems forgotten and has a certain flavor of the ’90s, but it’s still really there. It’s just a shift. Glass allows artists to crowdfund their videos. So the videos are funded by fans, who then through NFTs become their rightful owners. Once they become corresponding rights holders, video lenders can monetize their investment by selling clips to network television, or by reselling them on various NFT marketplaces.
Instead, the startup dips into collecting quality index which allows artists and musicians to create original and limited edition songs, pieces and recordings and then sell them back via NFT technology to their fans. Today around the music, there is mostly analog collection, the idea of the catalog is to extend this market to the digital goods market, and to exploit the incorruptibility of the blockchain.
In short, Web 3 is coming like a tsunami and music will be one of the first industries to monetize. Today, while artists are the heart of the sector, they have been effectively pushed into a corner in terms of revenue And above all they have no say in fan management, copyrights, and ways to monetize their art. TheThe world of blockchain with its logic of non-mediation and bringing individuals back to the center Against corporations, however, they are transforming the sector from the inside, starting with independent artists and labels, who at the moment have everything to gain from these new business models.
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