Ask any individual in the world today about how they listen to their music and chances are, online streaming would dominate regardless of location or backgrounds.
Since the turn of the decade, music streaming has toppled all other forms of music channels thanks to its convenience and ease of access. No longer do people have to own multiple discs or dedicated devices to listen to their favorite tunes—everything now can be listened to on smartphones with negligible losses in sound quality.
Some argue that streaming takes out the joys of listening to music before the digital age e.g going to your favorite record stores or putting in effort in curating and creating physical mixtapes. While that may be true, it cannot be denied that streaming has indirectly contributed to decreased music piracy rates as well as helping new and exciting artists to be discovered thanks to the exposure provided by music platforms.
Nevertheless, streaming is the #1 music distribution medium and with it making up 50% of total recorded music revenue worldwide, expect to see music streaming remain as the dominant force in the music industry for now and many, many years to come.
Despite its popularity, there are some issues in the industry that are affecting the most integral parts of the entire ecosystem: the artists and the fans.
The royalties that artistes earn have long been subject to controversy and scandals. This may come as a shock to many but most artists don’t make money from recordings (albums, singles, etc.)—if they even make any money at all—due to how music labels and contracts are structured. Instead, they usually make a living through tours and concerts but even that is under threat with things like middlemen and ticket brokers that often leave the artists’ and fans’ interests last.
For years, the industry has called for a solution to overcome these problems that are often a byproduct of heavily corporate-biased deals and illicit – all of which boils down to a lack of transparency and integrity.
Thankfully, the growth of the blockchain has seen many industries benefit from its technology and the music industry seems like a perfect fit for the properties of the blockchain. With the help of the blockchain, Soundeon, an Estonian-based company, sets its eye on disrupting the music industry for the better with its blockchain-based music platform.
Soundeon is a decentralized music platform that overcomes all the problems plaguing the industry (mentioned in the previous section). With a heavy emphasis on improving the digital music rights management and live event ticket landscape, Soundeon aims to bring parity to the industry and finally return artistes and fans the rights they deserve.
Soundeon aims to achieve this by using its unique Creative Smart Contract based on Ethereum which is used to decentralize the process of managing music rights and matters related to live events. With this feature, artists no longer need to rely on intermediaries to get stuff done, ultimately leading to more revenue, higher levels of transparency, and improved fan loyalty. Of course, the platform also offers benefits to music fans with its fan-centric approach and features that allow them to connect with their favorite artistes better than ever.
Kicking off in 2017, Soundeon already has an alpha version of its platform launched and the company is doing well in achieving its goal of releasing the full platform by 2020. Aside from the platform, Soundeon also contributes 10% of its income to help promote disadvantaged communities and arts in general.
Soundeon is led by CEO, Vadim Kurochkin, a successful entrepreneur and investor along with his fellow co-founder, Vladimir Avdeev, and company CTO, Egor Bushlyakov. With strong individuals at the core and an equally dedicated team to boot, Soundeon is set to become one of the most influential projects in both the blockchain and music industry, making it a good project to look out for in the coming years.
The Soundeon platform is made up of five core features:
- Soundeon Exchange
- Soundeon Tix
- Soundeon Monitor
- Soundeon Player
- Music Token Sales
The Soundeon Monitor is an integral part of the platform as it allows musicians to get copyright their music but more importantly, it allows musicians to gain royalties generated through the Soundeon platform or other third-party providers in addition to helping artistes with digital distribution matters.
The Soundeon Creative Smart Contract (CSC) makes this possible as musicians no longer need to go through long and expensive processes just to copyright their music. With Soundeon, everything can be done easily and legally with just a few clicks; conditions such as royalty splits can be edited in the CSC and all the vital information needed by artistes (copyright info, royalty data, etc.) will be transparent and presented in clear, easy-to-read reports.
Complementing this is the Soundeon Tix feature, a tool that provides both fans and artists a better experience in live events. Musicians can use Soundeon’s Tix to help eliminate fraud (e.g forged or fake tickets) as well as other situations that may impact the live event negatively. It can also be used to completely control primary ticket sales but more importantly, the secondary market as well (ticket resellers, trades, etc.) which is often the bane of many concert-goers.
With increased security measures and an integrated loyalty scheme for fans, the Soundeon Tix will only help live events become more enjoyable for both the fans and artists thanks to its unique features.
Another application available in Soundeon is the Soundeon Player, a blockchain-based music player that incorporates the Soundeon Token, the platform’s utility token. An aspect that makes the player special is the incredibly detailed listener statistics and data it provides to musicians, all of which are stored on the blockchain.
The Soundeon Exchange is unique as artists can sell the future earnings of their works in full or partially to interested buyers in exchange for Soundeon Tokens, popular cryptocurrencies, or fiat currencies. Not only do fans have the ability to contribute to artists directly, but artists also have a new revenue stream in addition to the improved revenue channels in the platform.
Another way for artists to gain capital for their projects in Soundeon is with the use of the platform’s Music Token Sale which enables artists to launch their own token sales on Soundeon.
This feature is meant to work hand-in-hand with the Soundeon Exchange; fans can now also play a role in their favorite musicians’ success by contributing to these token sales and as a reward for their contributions, they receive returns in the form of royalties and ownership rights.
Soundeon will be holding a token sale for the Soundeon Token (SOUNDEON).
The Soundeon Token will be used as a payment method for the platform’s services although fiat currencies and other leading cryptocurrencies are also accepted in Soundeon.
Below are the details of the Soundeon token:
Token name: SOUNDEON
Token base: ERC20
Token supply: 1,000,000,000
Token sale duration: 27th June, 2018 – 29th September, 2018 (pre-sale) | 30th September, 2018 – 30th October, 2018 (main sale)
Token sale target: $3,000,000 (soft cap) | $37,000,000 (hard cap)
Token exchange rate: 1 Soundeon = $0.056923