Hi friends, let me let you in on an incredible news, it’s imusify - The Smart Music Economy!!!
With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, imusify, a decentralized platform that brings together music content creators and their listeners in one ecosystem has arrived.
"The global music industry is a tremendous one. In 2017, the revenues from the industry were around 16 billion USD, showing the predominance of three major record labels: Universal, Warmer, and Sony. The global recorded music market grew by 8.1%. Among the various revenues streams, over a third came from global streaming. In particular, approximately 176 million users of paid subscription services (such as Spotify or Deezer) shaped this revenue stream.
Nonetheless, many issues remain, mostly around the payment of royalties to artists. Music creators often find it challenging to properly see the reward of their work in a business where many intermediaries control revenues. A report suggests that for every $1,000 of music sold, the average musician gets a paltry $23.40 (just over 2%). Another dramatic stat shows that music producers get barely anything out their song played on air: on Apple Music, musicians earn $0.00783 per stream. They receive $0.00397 per stream on Spotify and $0.00074 per stream on YouTube."
With that being said, imusify’s mission is to provide an open-source innovation space for developing new means of music distribution, consumption, and engagement. imusify is building a music smart economy to allow for the direct exchange of value between artists, fans, and other stakeholders, giving the community the power to control the future of the music industry.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is imusify?
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.
As depicted above and as indicated on the official website of imusify, imusify is a decentralized platform that brings together music content creators and their listeners in one ecosystem. The musicians will retain the copyright and will manage the award themselves. Every musician will be able to find support on this platform. 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.
imusify is focused on building a platform to serve the immediate needs of current participants in the music industry while providing an open innovation space for developing new means of interaction and value exchange to serve the music economy in the near and distant future.
imusify’s mission is to provide an open-source innovation space for developing new means of music distribution, consumption, and engagement. imusify is building a music smart economy to allow for the direct exchange of value between artists, fans, and other stakeholders, giving the community the power to control the future of the music industry.
The Impending Challenges
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.
The Solution Offered
IMUSIFY is the solution, 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.
How Imusify Works?
The platform will integrate the best practices of streaming, crowdfunding, media sharing, social and economic networks. This will do away with the need for intermediaries. It will also provide transparency, resolve inefficiencies and ensures that every artist and other service providers are rewarded in line with their contribution. Some of the use cases of the platform services include artist crowdfunding, incentivized content creation, transparent artist royalty payments, network collaboration, and open source development.
The platform has an easy to use interface. It will also use neo-python as a blockchain middleware for communication between UI and the smart contract. Imusify is set to revolutionize the global music industry and it will liberate music fans, music makers, and music entrepreneurs.
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.
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.
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.
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.
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.
About The Imusify IMU Token - a NEP5 standard utility token.
The IMU tokens will be used as the engine to support Imusify multilayered decentralized music economy. This will increase the demand for the token since the token will have many uses throughout Imusfy’s infiltration into the industry.
The platform has a smart reward and compensation system where users are rewarded for contributing to the system. The token will also be used as a currency for the exchange of digital services and assets. The token will be used to establish trust and transparency between fans, artists, industry service providers, and supporters. This will create a vibrant ecosystem.
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
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
BOUNTY THREAD: https://bitcointalk.org/index.php?topic=4805108
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.