The music industry has changed from mainly being physically distributed to becoming almost 100% digital today.
The growth of streaming platforms like Spotify and even YouTube proves this rapid change which is a surprise considering the music industry’s reaction to Napster, one of the pioneers of digital music streaming, just a decade back.
What was dissed years ago by studios and record labels has now become the standard for music distribution, with streaming music platforms making up more than 2/3 of all recorded music in 2017—a figure expected to increase steadily every year.
The rise of digital music has also seen a rise in plays for older music catalogs which meant that artists from previous generations still enjoy the benefits of music streaming even if their music were released 20 or 30 years ago.
At the same time, new music can be accessed more easily and quickly which leads to more revenue generated by musicians even if they don’t belong to a traditional record label.
As for the companies, digital distributors and record labels cannot be happier with the current situation; digital music is significantly cheaper to release and distribute which translates to lower operating costs.
There’s a problem, however.
The digital music industry may seem perfect from the outside but there are problems plaguing it that’s taking a toll on musicians and other parties involved in the industry.
As the industry is monopolized by major labels who prioritize making money over showcasing talents, many musicians are brushed aside if they don’t have the ability to make their music mainstream.
Independent musicians often don’t have the resources to pay for marketing and distribution and even if they do, it’s nearly impossible for them to compete with the major labels in terms of gaining exposure.
At the same time, musicians are often poorly paid as their earnings are reduced by things like platform fees or advance payments to the label and more often than not, they are the last ones to be paid.
Hence, there needs to be a solution for musicians to actually distribute and promote their music with their available resources instead of depending solely on luck to “make it” in the industry.
Digital Currensy is a decentralized platform aimed towards artists to expand monetization opportunities for their music as well as allowing them to promote their music effectively to a wide audience base at extremely low costs.
This unique approach is done by allowing musicians to create PR campaigns that involve both the fans and the artist at the same time, making it the first of its kind in the music industry.
All of this will be facilitated by the platform’s marketplace, the Smart Music Marketplace (SMM). The SMM is a place where both creators and users buy and sell music-related content and services which again, ties into the platform’s goal to involve musicians and fans into a community instead of classifying them both as different entities.
The community in Digital Currensy will be governed by the community itself as fans and artists are responsible for curating the content posted on the platform. Like other community-based platforms, all actions on the Digital Currensy will be rewarded with incentives in the form of tokens which boosts user engagement and promotes an active, healthy community.
Digital Currensy is a Delaware-based company founded by Adrian Swish, a respected individual with tons of experience in the music industry. He will lead the Digital Currensy team to deliver on their goals and establish itself as the leader in empowering artists to achieve their full potential.
Digital Currensy will be a centralized platform at launch but it will gradually become decentralized as it matures before finally becoming fully decentralized and controlled by the platform’s community.
Digital Currensy allows artists to create and promote their work on the platform with the platform’s features that are powered by smart contracts. Aside from content creation, there are also tools for artists to check on statistics and other tools to help manage their content.
For artists, they can simply upload their content to the platform which they can adjust certain parameters via the use of smart contracts such as adjusting the royalty payouts and release dates.
Once uploaded, the artist’s uploaded music will then be automatically placed on multiple major streaming platforms such as Spotify and Deezer which guarantees the maximum amount of exposure and revenue gained for artists since their music is released almost immediately.
There will also be a feature for artists to track their statistics such as royalty payments and stream statistics in real-time as well as a feature to pay other people (e.g beat makers or sound engineers) via Digital Currency Cash (DCC), the platform’s cryptocurrency and primary medium of transaction.
Fundraising campaigns are also able to be setup and maintained by artists to help them create future projects along with a community forum where all users of the platform can interact and discuss with one another.
As mentioned earlier, the Digital Currensy team aims to empower the community of the platform and they plan to do so by providing incentives and rewards for Digital Currensy users.
Actions such as registering, inviting other users to the platform, or simply spending time on the platform will reward users with tokens which can be spent on the site or exchanged and sold like other cryptocurrencies.
In terms of content sharing, artists can upload their music to a secure private database on the blockchain. To access the content, users will have to pay a fee set by the artist to download and enjoy the content.
Digital Currensy will have a full suite of features to serve users and artists.
Some of these features include:
Complete music upload system
Music uploaded on Digital Currensy will be automatically sent to platforms like Spotify, iTunes, and Youtube in less than a day after the time of upload. As mentioned earlier, all of the parameters related to a music release can be edited by the creator freely.
Content will also be stored automatically on distributed cloud storage platforms and artists will also be able to automatically split payments to contributors (e.g featured artists, producers etc.)
Community-based content publishing and moderation system
Whenever new music is uploaded to Digital Currensy, the content will be sent to random users to verify the status of the upload.
These users will receive the uploaded track as well as additional info about the artist. They must then decide if the content is suitable or not to be uploaded to the platform, much like the roles of a manager or label representative.
If the content is rejected is more than once, it will not be uploaded to the platform and the content creator will be notified immediately. If it is verified, users will then have the chance to share the newly uploaded content and subsequently earn DCC for their contributions to the platform.
Efficient payment processes
Digital Currensy will be one of the fastest, if not the fastest, platforms to release royalty payouts to artists. Artists will be paid daily in DCC or they can also opt to be paid in fiat instead which will be processed weekly.
The platform’s algorithms will automatically calculate payout rates based on real-time statistics and pay artists accurately according to the calculations, meaning that artists no longer have to wait for long payment delays.
Digital Currensy is also working towards offering one of the highest payout rates in the market (90% of the sales amount) which allows artists to earn significantly more money compared to other distribution platforms on the market today.
The Smart Music Marketplace
In the platform’s marketplace, artists can post listings to seek for help or services from users in the platform. At the same time, users can also post their content or services for sale such as:
- Beats (foundations of songs)
- Music-related services (e.g audio mixing or mastering)
- Album artwork and graphic design services
Of course, the features of the marketplace are not limited to these only but these are the key services that will be at the core of the Smart Music Marketplace.
Digital Currensy will be holding a token sale for the Digital Currensy Cash (DCC) token which will be used to power the platform’s transactions.
Here are the details of the token sale:
Token name: DCC
Token base: Ethereum
Token supply: 157,000,000
Token sale duration: July 1st, 2018 – July 29th, 2018
Token sale target: TBA
Token exchange rate: TBA